st K Global Positioning Net purchased equipment on January 1, 2024 for $9.936. Suppose Global Positioning...

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st K Global Positioning Net purchased equipment on January 1, 2024 for $9.936. Suppose Global Positioning Net sold the equipment for $7,000 on December 31, 2026 Accumulated Depreciation as of December 31, 2026, was $6,624 Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment. Market value of assets received $ 7.000 Less Book value of asset disposed of Cost S 9,936 Less: Accumulated Depreciation (6,624) 3,312 Gain or (Loss) $ 3.688 Now, journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Dec 31 Cash Accumulated Depreciation-Equipment Loss on Disposal Gain on Disposal Sold equipment for cash Debit Credit 7,000 9,936 3,688 9.936 st K Global Positioning Net purchased equipment on January 1, 2024 for $9.936. Suppose Global Positioning Net sold the equipment for $7,000 on December 31, 2026 Accumulated Depreciation as of December 31, 2026, was $6,624 Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment. Market value of assets received $ 7.000 Less Book value of asset disposed of Cost S 9,936 Less: Accumulated Depreciation (6,624) 3,312 Gain or (Loss) $ 3.688 Now, journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Dec 31 Cash Accumulated Depreciation-Equipment Loss on Disposal Gain on Disposal Sold equipment for cash Debit Credit 7,000 9,936 3,688 9.936