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Carey Company's equipment account increased $800,000 during the period; the related accumulated depreciation increased $60,000....

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Accounting

Carey Company's equipment account increased $800,000 during the period; the related accumulated depreciation increased $60,000. New equipment was purchased at a cost of $1,400,000 and used equipment was sold at a loss of $40,000. Depreciation expense was $200,000. Proceeds from the sale of used equipment were?

(Correct answer is $420,000 but I don't know why)

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