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A company purchased equipment for $75,000 on January 1, 2011, at which time the estimated...

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Accounting

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A company purchased equipment for $75,000 on January 1, 2011, at which time the estimated useful life was 10 years and residual value was $5,000. It is now July 1, 2019, and the company just sold the equipment for $25,900. Assuming the company uses the straight line depreciation method and has a December 31st year end, select the correct responses for the following: 1. Current year's depreciation expense for the year of of sale: Equipment's carrying amount on the date of sale: 2. 3 Was there a gain or loss on equipment sale? 4 Amount (S) of the gain or loss on sale ge Next page do PS 96 5 6 & 7 8 9 T Y U o G H . J B N M

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