Business, 27.03.2020 03:25 VgCarlos2596

Abbott Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,000. 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:
a. Record the sale.
b. Assume the tractor was sold for $10,000 instead of S16,000. Record the sale.

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Abbott Landscaping purchased a tractor at a cost of $45,000 and sold it three years later for $21,00...