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Question - Grey's Inc. decided to dispose of a piece of equipment and upgrade to a new model. They had purchased the old evaporator on January 1, 2012 for $17,400. There was no salvage/residual value and the useful life Grey's used was 6 years. Grey's depreciated the machinery using the Straight Line method.
Grey's sold the equipment on June 30, 2016 to Tavon for $1525.
a) Calculate the Book Value at time of sale. (Do not round the depreciation per year.)
b) Calculate Grey's gain or loss on this sale? Enter a loss as a negative value.
c) Journalize this sale on Grey's books on June 30, 2016.
Required - Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank
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