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On May 15, 2023, JKL Enterprises sold equipment for $8,000 that had an original cost of $10,000 and accumulated depreciation of $6,000. Record the journal

  1. On May 15, 2023, JKL Enterprises sold equipment for $8,000 that had an original cost of $10,000 and accumulated depreciation of $6,000. Record the journal entry for the sale and calculate the gain or loss on the sale. Explain the impact on the financial statements.

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