Question: On March 1 , 2 0 1 8 , Simran Company bought a new piece of equipment for $ 5 0 0 , 0 0

On March 1,2018, Simran Company bought a new piece of equipment for $500,000 with a salvage value of $80,000 and a useful life of 7 years.
On December 31,2019, Simran Company changes direction of the company and sells the equipment for $300,000.
What are the impacts to Simran Company's accounting equation for the sale of this equipment?

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