Question: Prine Company purchased equipment on January 1 2013 for
Prine Company purchased equipment on January 1, 2013, for $ 20,000. Suppose Prine sold the equipment for $ 7,000 on December 31, 2014. Accumulated Depreciation as of December 31, 2014 was $ 10,000. Journalize the sale of the equipment, assuming straight- line depreciation was used.
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