Waymire Company sold a car in its fleet. The car was originally purchased for $50,000 three years ago, and the Company used straight-line depreciation based on an estimated useful life of five years and no salvage value (have you seen how she drives?). The Company sold the car for $17,500. Show the journal entry associated with the sale (assume all depreciation entries were previously recorded in the appropriate period - i.e., you do not need to show any depreciation entries). Explain whether the gain or loss recognized is really good news or bad news