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Journalize the given transactions

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Question - On January 2006, ABC limited purchased an equipment at a cost of $2 million. The company estimated that its salvage value was to be $0.2 million at the end of its useful life of five years. The company depreciated the asset on a straight line basis. Actual proceeds from sale of the used asset turned out to be $0.5 million. Journalize the above transactions.

Reference no: EM132099733

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