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On January 2, Year 1, Murphy Company purchased equipment costing exist28, 800, with an estimated salvage value of exist1, 350 and an estimated useful life

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On January 2, Year 1, Murphy Company purchased equipment costing exist28, 800, with an estimated salvage value of exist1, 350 and an estimated useful life of 9 years. On December 31, Year 7, Murphy Company sold the equipment to Used Machine Company for exist9, 230. Prepare the journal entry to record the sale of the asset

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