3. Pam Corporation sold equipment to Sun on July 1, 2016, for $30,000. This equipment was purchased...

Question:

3. Pam Corporation sold equipment to Sun on July 1, 2016, for $30,000. This equipment was purchased by Pam on July 1, 2013, for $36,000 and is being depreciated over a six-year period using the straight-line method (no salvage value). Sun still owns the equipment.

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