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How to do the journal entry in this transaction

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Question - Sold a desk to Jim Adams for $250. Jim will pay this amount to Waren in January of 2018. The desk was purchased for a cost of $1,225 on September 30, 2011 along with other furniture costing $49,525 (total purchase of $50,750). The desk was fully depreciated at the end of 2016.

Please answer how to do the journal entry in this transaction. Journal entries related to Gain/Loss and Depreciation of fixed asset.

Reference no: EM132246533

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