Required information Exercise 7-17 (Static) Record the sale of equipment (LO7-6) [The following information applies...
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Required information Exercise 7-17 (Static) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below] Abbott Landscaping purchased a tractor at a cost of $42,000 and sold it three years later for $21,600. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account. Exercise 7-17 (Static) Part 2 2. Assume the tractor was sold for $13,600 instead of $21,600. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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