Counselors of Milton purchased equipment on January 1, 2023, for . Counselors of Milton expected the equipment to last for seven years and have a residual value of . Suppose Counselors of Milton sold the equipment for on after using the equipment for three full years. Assume depreciation for 2025 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.