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equipment was purchased for 24,000 on january 1 2016. the equipment's estimated useful life was 5 years, and its residual value was $4,000. the straight

equipment was purchased for 24,000 on january 1 2016. the equipment's estimated useful life was 5 years, and its residual value was $4,000. the straight line method of depreciation was used. the company has a calendar year accounting period. prepare the journal entry to record the sale of the equipment for $25,000 on January 3, 2017.

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