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On january 1, 2015, Equipment costing $100,000 was purchased. Depreciation of $42,000 was taken for 2015. On december 31st the equipment was sold for $50,000.

On january 1, 2015, Equipment costing $100,000 was purchased. Depreciation of $42,000 was taken for 2015. On december 31st the equipment was sold for $50,000. prepare the journal entries to record the purchase, depreciation and sale transactions.

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