Business, 26.11.2019 02:31, Sprout7430

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. assume the tractor was sold for $12,700 instead of $20,300. 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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Abbott landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,30...