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Assume a company purchased a vehicle on January 1,2020 that cost $20,000. The useful life is 10 years and the salvage value is $4,000. The
Assume a company purchased a vehicle on January 1,2020 that cost $20,000. The useful life is 10 years and the salvage value is $4,000. The company uses straight-line depreciation. On January 1,2022 , the company sells the vehicle for $14,500. The journal entry to record the sale will include: A debit to Gain on Sale for $2,300 A debit to Loss on Sale for $2,300 A credit to Loss on Sale for $2,300 A credit to Gain on Sale for $2,300
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