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Exercise 7-17(Algo) Record the sale of equipment (LO7-6) [The following information applies to...

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Accounting

Exercise 7-17(Algo) Record the sale of equipment (LO7-6)
[The following information applies to the questions displayed below.]
Faucet Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account.
Exercise 7-17(Algo) Part 2
2. Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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