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company purchased a back hoe at a cost of $37,000 and sold it two years later for $24,000. Depreciation was recorded using the straight-line method,

company purchased a back hoe at a cost of $37,000 and sold it two years later for $24,000. Depreciation was recorded using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale

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