Prepare the entry to record the disposal of the machine

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Question - Disposal of Plant Asset - Depreciation methods are used to allocate a plant assets cost over the accounting periods in its useful life. North Co. purchases and installs a machine on January 1, 2017, at a total cost of $105,000. The Company uses straight-line depreciation, 7-year life, and no salvage value. The machine is sold for $45,500 in cash on July 1, 2021. Prepare the entry to record the disposal of the machine?

Reference no: EM133144950

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