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Prepare journal entry to record disposal of equipment

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Reference no: EM132947180

Question - On January 01, 2006 Monbana Inc. purchased equipment at a cost of $28,000. The equipment has been depreciated by the straight line method using 4 years life time and $4,000 salvage value.

Prepare the journal entry to record the disposal of the equipment (selling) assuming that it is sold for $5,000 cash on Jan 01, 2009.

Reference no: EM132947180

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