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Gopher Excavation, a calendar-year firm, purchased equipment on January 1, 2016, for $175,000. The equipment had an estimated life of 10 years and no expected

Gopher Excavation, a calendar-year firm, purchased equipment on January 1, 2016, for $175,000. The equipment had an estimated life of 10 years and no expected salvage value. Gopher depreciated it using the straight-line method. On July 1, 2020, Gopher sold the equipment for $120,000. What is the journal entry to record the sale?

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