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Equipment was acquired on January 1, 2018, for $100,000 with an estimated 5-year life and $20,000 residual value. The company uses straight-line depreciation. Prepare the

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Equipment was acquired on January 1, 2018, for $100,000 with an estimated 5-year life and $20,000 residual value. The company uses straight-line depreciation. Prepare the journal entry to record the gain or loss if the equipment was sold on December 31, 2020, for $50,000. TTT Arial 3 (12pt) T- 25

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