Equipment was purchased for $28,000. The equipment’s estimated useful life was 5 years, and its residual value was $2,000. The straight-line method…

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Equipment was purchased for $28,000. The equipment’s estimated useful life was 5 years, and its residual value was $2,000. The straight-line method of depreciation was used. Show the journal entry if the sale of the equipment is sold for $18,000 at the end of the third year.

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