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Find and Journalize the sale of the equipment

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Reference no: EM132721973

Problem 1: Counselors of Atlanta purchased equipment on January 1, 2017, for $20,000. Counselors of Atlanta expected the equipment to last for four years and have a residual value of $2,000. Suppose Counselors of Atlanta sold the equipment for $8,000 on December 31, 2019, after using the equipment for three full years. Assume depreciation for 2019 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Reference no: EM132721973

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