Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years...
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Accounting
Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account.
1. Record the Sale of Equipment
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