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A company purchased equipment for $67,500 on January 1, 2012, at which time the estimated useful life was 10 years and residual value was $5,200.
A company purchased equipment for $67,500 on January 1, 2012, at which time the estimated useful life was 10 years and residual value was $5,200. It is now August 1, 2019, and the company just sold the equipment for $25,300. Assuming the company uses the straight line depreciation method and has a December 31st year end, select the correct responses for the following: 1. Equipment's depreciation expense for 2019 up to the date of sale: 2. Equipment's carrying amount on the date of sale: 3. Was there a gain or loss on equipment sale? 4. Amount (5) of the gain or loss on sale
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