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Prepare the journal entry to record the disposal

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Problem - 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: EM132948737

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