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(1) The company earned a net income of $37,500 for the year. A fixed asset was sold to a small firm for $15,000 which resulted
(1) The company earned a net income of $37,500 for the year. A fixed asset was sold to a small firm for $15,000 which resulted in a loss of $2,500 because the book value of the asset on the date of sale was $17,500. The depreciation expense for the year was $8,500. [1] The company purchased treasury stock costing $25,000 during the year
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