Pelman Company purchased equipment on January 1, 2018, for $33,000. Suppose Pelman Company sold the equipment...

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Pelman Company purchased equipment on January 1, 2018, for $33,000. Suppose Pelman Company sold the equipment for $14,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was $13,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the sale of the equipment. (Enter a loss with a minus sign or parentheses.) $ 14,000 Market value of assets received Less: Book value of asset disposed of Cost $ 33,000 Less: Accumulated Depreciation (13,000) 20,000 Gain or (Loss) $ (6,000) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal Equipment 14000 13000 6000 33,000 Sold equipment for cash. Pelman Company purchased equipment on January 1, 2018, for $33,000. Suppose Pelman Company sold the equipment for $14,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was $13,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the sale of the equipment. (Enter a loss with a minus sign or parentheses.) $ 14,000 Market value of assets received Less: Book value of asset disposed of Cost $ 33,000 Less: Accumulated Depreciation (13,000) 20,000 Gain or (Loss) $ (6,000) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal Equipment 14000 13000 6000 33,000 Sold equipment for cash.

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