Antone Company sells office equipment on July 31, 2017, for $21,000 cash. The office equipment originally cost

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Antone Company sells office equipment on July 31, 2017, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2017, had accumulated depreciation of $42,000. Depreciation for the first 7 months of 2017 is $4,600. Prepare the journal entries to
(a) Update depreciation to July 31, 2017,
(b) Record the sale of the equipment.
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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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