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What was the gain or loss on the sale

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Question - Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,500. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value.

1. What was the gain or loss on the sale?

2. Record the sale.

Reference no: EM131871814

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