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in 2023 the company sold equipment for 7200 that had s book value of 4200 originally costing 60000. the company credited the proceeds from the

in 2023 the company sold equipment for 7200 that had s book value of 4200 originally costing 60000. the company credited the proceeds from the sale to the equipment account. the following entry was made. debit to cash 7200. credit gain on sake of equipment. what is the correct entry when books are closed.

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