Equipment was purchased for $24,000 on January 1,2016.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Calculate the gain or loss on sale if the equipment is sold for $18,000 on December 31,2016,the end of the accounting period.Prepare the journal entry to record the sale of equipment.

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The Answer of Equipment was purchased for $24,000 on January 1,2016.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Calculate the gain or loss on sale if the equipment is sold for $18,000 on December 31,2016,the end of the accounting period.Prepare the journal entry to record the sale of equipment.

Equipment Was Purchased for $24,000 on January 1,2016