Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for
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Question:
Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,500. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value.
1.What was the gain or loss on the sale?
2.Record the sale
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