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Question no: 3 (05 marks) Ramirez Co. owns a truck that cost $50,000 when purchased on January 1, 2018.It has been depreciated using the straight-line

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Question no: 3 (05 marks) Ramirez Co. owns a truck that cost $50,000 when purchased on January 1, 2018.It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. The truck was sold for $28.000 on January 1, 2021. The accumulated depreciation at the time of sale was $ 27000. Prepare journal entries to record the sale of the truck

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