XT19-3 (similar to) Question Help 3. Counselors of Cartersville purchased equipment on January 1, 2017, for 543,000. Counselors of Cartersville expected the equipment to last for five years and have residual value of $3,000. Suppose Counselors of Cartersville sold the equipment for $29,500 on December 31, 2018, after using the equipment for two full years Assume depreciation for 2018 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used 29,500 First calculate any gain or loss on the disposal of the equipment Market value of assets received $ Less: Book value of asset disposed of Cost 43.000 Less: Accumulated Depreciation Gain or (Loss) Enter any number in the edit fields and then click Check An 1 part Check Answer 0 . 70 BALISI Homework: Chapter 9 Exercises 3 of 16 (14.co Score: 0 of 1 pt T19-3 (similar to) 3. Counselors of Cartersville purchased equipment on January 1, 2017 for $43,000. Co residual value of $3,000. Suppose Counselors of Cartersville sold the equipment for $2 Assume depreciation for 2018 has been recorded. Journalize the sale of the equipment First, calculate any gain or loss on the disposal of the equipment. $ 29,500 Market value of assets received Less: Book value of asset disposed of Cost Less. Accumulated Depreciation Gain or Loss