Question

Abbott Landscaping purchased a tractor at a cost of $28,000 and sold it three years later for $15,000. 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.

Required:
1. Record the sale.
2. Assume the tractor was sold for $11,000 instead of $16,000. Record the sale.



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  • CreatedJuly 15, 2014
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