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During 2018, Ling Company found that they had in error only credited the equipment account for the amount of proceeds received on a sale in
During 2018, Ling Company found that they had in error only credited the equipment account for the amount of proceeds received on a sale in 2017. The sale price was $30,000. The equipment had a cost basis of $100,000 and accumulated depreciation was $65,000 at the time of the sale. Record the journal entry that Ling would make in 2018 to correct the error.
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