Strawberry Fields purchased a tractor at a cost of $$37,000$ and sold it two years later for $$24,300.$ Strawberry Fields recorded depreciation using the straight$-$line method, a five$-$year service life, and an $$8,000$ residual value.

What was the gain or loss on the sale?

Record the sale.

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What was the gain or loss on the sale?

on sale