Reilly Company purchased a tractor at a cost of $90,000. The tractor has an estimated salvage value of $10,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, 2013 and was used 2,400 hours in 2013 and 2,100 hours in 2014. On January 1,2015 , the company decided to sell the tractor for $35,000. Reilly uses the units-ofproduction method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show:
entry to record the sale of the tractor will show: