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Equipment was purchased for $24,000 on January 1, 2016. The equipment's estimated useful life was five years and its residual value was $4000. The straight
Equipment was purchased for $24,000 on January 1, 2016. The equipment's estimated useful life was five years and its residual value was $4000. The straight line method if depreciation was used. Calculate the gain or loss on sale if the equipment is sold fo r$18,000 on december 31, 2016, the end of the accounting period. Prepare the journal entry to record the sale of equipment.
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