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Assume that a general capital asset was sold for $4,000. The asset was originally purchased for $20,000 and has been in use for 3 years.

Assume that a general capital asset was sold for $4,000. The asset was originally purchased for $20,000 and has been in use for 3 years. It has an estimated life of 10 years and is depreciated using the straight-line method. What credit would be made in the General Fund to reflect this sale? Gain on Sale of Capital Assets Other Financing Sources Revenue General Capital Assets

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