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Equipment with a book value of $100,000, residual value of $5,000, and accumulated depreciation of $60,000 was sold for $35.000. The selling firm would record

Equipment with a book value of $100,000, residual value of $5,000, and accumulated depreciation of $60,000 was sold for $35.000. The selling firm would record Gain for $35,000 Loss for $5.000 Revenue of $35,000 No gain or Loss

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