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Prepare the journal entry for the disposal of the furniture

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Question - Hilton Worldwide Holdings Inc. is a hospitality company that operates worldwide, managing and franchising a portfolio of hotels and resorts.  Assume that Hilton replaces furniture that has been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture:

Furniture (cost) $8,000,000

Accumulated depreciation 7,700,000

Required - Prepare the journal entry for the disposal of the furniture, assuming that it was sold for:

a. $300,000 cash

b. $900,000 cash

c. $100,000 cash

Reference no: EM133113078

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