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Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,500. Strawberry Fields recorded depreciation using the
Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,500. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the gain or loss on the sale? on sale Required 1 Required 2 >
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