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The book value of equipment is 120.000, accumulated depreciation is 40.000 and the equipment is sold for 95.000. Required: a. Calculate the amount of gain

The book value of equipment is 120.000, accumulated depreciation is 40.000 and the equipment is sold for 95.000.

Required:

a. Calculate the amount of gain or loss from this sale.

b. Provide journal entry for this transaction.

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