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Prepare the journal entry to record the sale of the asset

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Reference no: EM132864732

On January 2, Year 1, Lewis Company purchased equipment costing $29,600, with an estimated salvage value of $1,100 and an estimated useful life of 12 years. On December 31, Year 8, Lewis Company sold the equipment to Used Machine Company for $8,543.

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Problem 1: Prepare the journal entry to record the sale of the asset.

Reference no: EM132864732

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