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Entries for Sale of Fixed Asset Equipment acquired on January 5, 2009, at a cost of $380,000, has an estimated useful life of 16 years, has an estimated residual value of $40,000, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31, 2012, the end of the year? $

b. Assume that the equipment was sold on July 1, 2013, for $270,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9991123

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