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Show in the general journal the record of sale

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Reference no: EM132718622

An equipment was bought at a price of $1 800 000 with a salvage value of $400 000 at the end of its life of five years.

Problem 1) Determine the annual rate of depreciation.

Problem 2) Assume that at the end of the third year, the equipment was sold at the price of $750 000. Show in the general journal the record of sale and an entry recognizing the expense of the machine sold.

Reference no: EM132718622

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