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Record the entry for the sale

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Question - On January 1, 2014, Tim's Water Factory purchased a new bottle-sealing machine for $121,200. The machine had an estimated useful life of 12 years and is expected to have no residual value. The company uses straight-line depreciation. The asset is sold on January 1, 2021 for $27,000. The fiscal year-end of Tim's Water Factory is December 31. Record the entry for the sale assuming that the depreciation for 2020 has already been recorded.

Reference no: EM133007763

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