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Required information (The following information applies to the questions displayed below)...

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Accounting

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Required information (The following information applies to the questions displayed below) Abbott Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account 2. Assume the tractor was sold for $10,300 instead of $15,700. 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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