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Company acquired equipment for $120 (including value added tax-$20) on January 1. Installation costed $20. Useful life of the equipment is 5 years. Two years

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Company acquired equipment for $120 (including value added tax-$20) on January 1. Installation costed $20. Useful life of the equipment is 5 years. Two years later Company sold equipment for $64. The company earned profit from sale of equipment TRUE FALSE

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