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Equipment was acquired at the beginning of the year at a cost of $78,720. The equipment was depriciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920.
A. What was the depreciation expense for the first year?
B. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.
C. Journalist the entry to record the sale. If an amount box does not require an entry, leave it blank.
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The Goodman Corporation completed the following transactions for the month: 1 Owners begin company by investing $50,000 4 Purchased $5,000 of office equipment 6 Purchased $20,000 of inventory on account 9 Sold $17,000 of the inventory to customers fo..
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