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The company bought new equipment and provided you with the data for the equipment Date of purchase 2-Jan-17 Cost of equipment $53,000 Salvage value $3,000

The company bought new equipment and provided you with the data for the equipment

Date of purchase 2-Jan-17

Cost of equipment $53,000

Salvage value $3,000

Useful life 5 yearsDepreciation method Straight line

1. Assume the company sold the equipment on Dec 31, 2020 and received $18,000 cash. Prepare the journal entry

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