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Orange Limited acquired a tractor 1 July 2021 for $100 000. The estimated useful life of the furniture and fittings at acquisition date was 10

Orange Limited acquired a tractor 1 July 2021 for $100 000. The estimated useful life of the furniture and fittings at acquisition date was 10 years and the residual value was $20 000. The company sold tractor on 1 July 2024 for $80 000. The journal entry to reflect the sale is

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