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Provide the journal entry for the sale of that asset at gain

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Reference no: EM132670787

Problem 1: Assume that one of the fixed assets listed in your company's balance sheet will be disposed of. Please provide the journal entry for the disposition of that asset. (You may have to look in the notes to the financial statements to see what the amount of accumulated depreciation is.) Next, assume that the company will sell the fixed asset for a gain of $20,000. Provide the journal entry for the sale of that asset at a $20,000 gain.

Reference no: EM132670787

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