This question was part of Multiple-choice chapter 4, question 19, but relates more closely to Chapter 11. I want to reinforce journal entries and gains and losses in general. There is no need or benefit from looking up the multiple-choice assignment. During the current year, Ithaca sold equipment costing $25,000, with accumulated depreciation of $12,000, for a gain of $5,000. 1. Prepare the journal entry for this transaction. 2. Complete the following schedule: Cash Received Less: Book or carrying value Gain