Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $25,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $6,000 residual value. 1. What was the gain or loss on the sale?2. Record the sale using a general journal entry.
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Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $25,000....
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