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What should be the journal entry to record the disposal

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Problem 1: Kylie Company has sold its old equipment with an original cost of $2,000,000 and accumulated depreciation of $1,800,000 for 3-year $250,000 note. The loan's interest rate is 7% while the market rate of similar notes is 8%. What should be the journal entry to record the disposal of the equipment?

Reference no: EM132809355

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