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Prepare the general journal entries to record the sale

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Reference no: EM132592726

Orange Ltd purchased a machine on 1 January 2016. The machine cost $65,000 and had an estimated useful life for 5 years with a residual value of $2,000. The company sold the machine on 31 January 2020 for $13,000.

The financial year-end date of the company is 31 December.

Required:

Question 1: Prepare the general journal entries to record the sale of the machine in 2020.

Reference no: EM132592726

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