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D Question 40 2.23 pts Equipment was purchased on January 1, 2019 for a cost of $240,000. On January 1, 2020, the balance of accumulated
D Question 40 2.23 pts Equipment was purchased on January 1, 2019 for a cost of $240,000. On January 1, 2020, the balance of accumulated depreciation was $48,000. Isix months later on July 1, 2020, the company decided to sell the equipment when the balance of accumulated depreciation was $72,000. The equipment sold at a price of $166,000. The journal entry to record this sale would O debit Loss on Sale for $26,000. credit Accumulated Depreciation for $72,000, credit Gain on Sale for $2,000 debit Loss on Sale for $2,000
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