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Company ABC recently acquired a machine for $50,000. The machine has an estimated useful life of 5 years and a salvage value of $5,000. The

Company ABC recently acquired a machine for $50,000. The machine has an estimated useful life of 5 years and a salvage value of $5,000. The company uses the straight-line depreciation method. After three years, the company decides to sell the machine for $20,000. How would this transaction be recorded in the financial statements?

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