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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 $4,000. The straight-line

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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 $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 s25,000 on January 3, 2017

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