Create your own example for recording a Gain on Sale--Type of Fixed asset: ___________________ Date placed into service: _____________ Cost $________ Expected salvage value $_______ Estimated useful life (in years) 4 years Proceeds from sale (amount received) $________ Date of Sale: Accumulated depreciation as of date of sale: Book value on date of sale: Journal entry to record depreciation expense and update accumulated depreciation up to the date of sale: Journal entry to record the sale and the gain on sale: Using your previously created example, demonstrate a Loss on Sale-- Proceeds from sale (amount received) $________ Book value on date of sale: Journal entry to record depreciation expense and update accumulated depreciation up to the date of sale: Journal entry to record the sale and the loss on sale: