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An asset's book value is $20,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $5,000 on the straight-line

An asset's book value is $20,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $5,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $17,000, the company should record:

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