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Blossom Ltd, which follows ASPE, had the following comparative balance sheets: Net income for the fiscal year was $45, 600. Equipment with an original cost

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Blossom Ltd, which follows ASPE, had the following comparative balance sheets: Net income for the fiscal year was $45, 600. Equipment with an original cost of #36,000 was sold for $14, 400 cash during 2018. The equipment was depreciated $14, 400. This sale resulted in a $7, 200 loss

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