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Prepare all necessary journal entries related to the tractor

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Reference no: EM133126533

Question - Andarex Company owns an industrial tractor it purchased for $400,000 on January 1, 2012. The tractor is being depreciated using the straight line method with a $40,000 salvage value over the tractor's 10 year useful life. Depreciation is recorded at the end of each calendar year.

Required - Prepare all necessary journal entries related to the tractor in 2018 assuming that it was sold on July 31, 2018 for $185,400.

Reference no: EM133126533

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