Record the journal entry for the sale of the asset

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Depreciation of plant assets

Sanford, Inc. purchased a new machine on January 3, 2016, at a cost of $290,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $35,000.

Question 1: Record the journal entry for the sale of the asset under both methods.

Reference no: EM132754282

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