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Item 3 : On January 1 , 2 0 2 0 , Entity C purchased a used vehicle at a cost of $ 2 8
Item : On January Entity C purchased a used vehicle at a cost of $ Entity A depreciated it using the straightline method using a year service life and a salvage value of $ Unable to sell it on January Entity C retired and scrapped the vehicle. Make the entry to record the January transaction. Hint: Compute book value at time of disposal and then gain loss Show your work.
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