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Prepare journal entries to record disposal of the equipment

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Question - At the beginning of the current year, Andy Company has equipment that originally cost $50,000, has $35,000 accumulated depreciation, and is being depreciated at $5,000 per year. Andy sells this equipment for $11,500 at the end of the current year. Prepare journal entries to record both the current year's depreciation and the disposal of the equipment.

Reference no: EM132947286

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