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On December 31, 2020, Mark Company decided to sell its equipment that was purchased for $10,000 on January 1, 2017. The equipment had a salvage
On December 31, 2020, Mark Company decided to sell its equipment that was purchased for $10,000 on January 1, 2017. The equipment had a salvage value of $2,000 with a 4 years useful life. The equipment was sold for $2,000. What is the Book Value amount of the equipment at the date of disposal? * $8,000 $6,000 $4,000 None of the above What is the result of this disposal? * Gain Loss None The sale entry of the equipment will include a: * Credit of Gain on Disposal of $3,000 Debit of Accumulated Depreciation $2,000 Debit of Cash $2,300 O O None of the above
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