On 1 July 2020, XYZ sold a piece of equipment for $30 000 which it had used
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Question:
On 1 July 2020, XYZ sold a piece of equipment for $30 000 which it had used for several years. The equipment had cost $45 000 and its accumulated depreciation amounted to $20 000 at the time of the sale. What are the net effects on the accounting equation of selling the equipment?
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