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On January 1, 2016, Horton Inc. sells a machine for $23,400. The machine was originally purchased on January 1, 2014 for $40,700. The machine was

On January 1, 2016, Horton Inc. sells a machine for $23,400. The machine was originally purchased on January 1, 2014 for $40,700. The machine was estimated to have a useful life of 5 years and a residual value of $0. Horton uses straight-line depreciation. In recording this transaction:

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