Proceeds from the sale of equipment in the amount of $24,000 were received by the General Fund. The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000. On the date it was purchased, it was estimated that the equipment had a useful life of six years. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) You are required to explain each line of the journal entry and related financial statement impact.

Cash 24,000

Revenue 24,000

Explain each line of the journal entry and related financial statement impact.

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