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Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account.

2. Assume the tractor was sold for $10,300 instead of $16,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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