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Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years...

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Accounting

Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman accounted for
depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment
account.
Required:
Determine the financial statement effects of the sale of the tractor.
Assume the tractor was sold for $10,300 instead of $16,700. Determine the financial statement effects of the sale.
Complete this question by entering your answers in the tabs below.
Determine the financial statement effects of the sale of the tractor.
Note: Amounts to be deducted should be indicated by a minus sign.
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