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On September 30, 2020, Sustco Ltd. purchased a piece of equipment for $16,000. At the time management determined that the equipment would have a residual

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On September 30, 2020, Sustco Ltd. purchased a piece of equipment for $16,000. At the time management determined that the equipment would have a residual value of $2,000 at the end of its five-year life. Sustco has a December 31 year end and uses the straight-line depreciation method. Sustco ended up selling the piece of equipment on June 30, 2022, for $9,100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Sept. Equipment 2020 30, 16000 Cash 16000 Dec. 31, 2020 Depreciation Expense 700 Accumulated Depreciation - Equipment 700 Dec. 31, Depreciation Expense 2800 2021 Accumulated Depreciation - Equipment 2800 Jun. 30, 2022 Depreciation Expense 1166,67 1166.67 Accumulated Depreciation - Equipment (To record depreciation expense) Jun. 30, 2022 (To record sale of equipment) M

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