Strawberry Fields purchased a tractor at a cost of $$37,000$ and sold it two years later for $$26,500.$ Strawberry Fields accounted for depreciation using the straight$-$line method, a five$-$year service life, and an $$7,000$ residual value. Tractors are included in the Equipment account.

Required:

Determine the financial statement effects of the sale of the tractor.

Note: Amounts to be deducted should be indicated by a minus sign.