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Prepare journal entry to record the scrapping of the asset

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Question - On January 2, Year 1, Murphy Company purchased equipment costing $65,100, with an estimated salvage value of $3,500 and an estimated useful life of 11 years. On December 31, Year 9, Murphy Company scrapped the equipment. Prepare the journal entry to record the scrapping of the asset. Note: Assume that Murphy Company uses the straight-line depreciation method and that depreciation expense has already been recorded for the current year.

Reference no: EM133067456

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