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How do prepare appropriate journal entry to record the sale

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Strategic Sales purchased a machine on January 1, 2010 which cost $210,000, had a residual value of $10,000 and a useful life of 5 years. Strategic Sales can replace this machine with one that is more efficient and sells the old machine for $45,000 on July 1. 2012.

Problem 1: Prepare the appropriate journal entry to record the sale of this machine, assuming the company uses the double-declining- method of depreciation.

Reference no: EM132642343

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