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Exercise 7-7 Blossom Companyhas delivery equipment that cost $57,000 and has been depreciated $23,600. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. Try again. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Equipment - Accum. Depr. - Equip. = + Common Stock + Dividend 57,000 23,600 U 57,000 -23,600 33,400 Loss on disposal Your answer is partially correct. Try again. It was sold for $37,300. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Equipment - Accum. Depr. - Equip. = + Common Stock + Dividend Bal. x 57,000 23,600 37,300 -57,000 -23,600 3,900 Gain on disposal Your answer is partially correct. Try again. It was sold for $18,300. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Equipment - Accum. Depr. - Equip. = + Common Stock + Dividend Bal. T T 57,000 23,600 7 18,300 18,300 -5,000 -23,600 15,100 Loss on disposal