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Question - On January 1st, 2018, Emma Lavin Company purchased machinery costing $146,000 and incurred $5,000 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $10,000. The company uses the straight-line method of depreciation. At the end of 2019, Emma Lavin recorded depreciation and assessed the asset, determining a recoverable amount of $127,000. Emma Lavin sold the equipment to Dan Maryuma Corporation on June 30, 2020, for $130,000.
Required -
1. Prepare the necessary entry required by Emma Lavin to record the purchase of the Machine on January 1st, 2018.
2. Prepare all the necessary entries for Emma Lavin on December 31st, 2019.
3. Prepare the compound entry required for the sale of the Machinery on June 30th, 2020.
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