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On January 1, 2012, Conrad Corporation purchased equipment for $250,000. The estimated useful life was ten years with an estimated salvage value of $15,000. Straight-line

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On January 1, 2012, Conrad Corporation purchased equipment for $250,000. The estimated useful life was ten years with an estimated salvage value of $15,000. Straight-line depreciation is used. At December 31, 2019, accumulated depreciation was $188,000. Conrad sold the equipment on April 1, 2020 for $55,000. Required: Prepare any journal entries necessary to record the sale of the equipment. Assume depreciation is calculated on months of actual usage

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