At the beginning of the current year Andy Company has
At the beginning of the current year, Andy Company has equipment that originally cost $ 50,000, has $ 35,000 accumulated depreciation, and is being depreciated at $ 5,000 per year. Andy sells this equipment for $ 12,000 at the end of the current year. Prepare journal entries to record both the current year’s depreciation and the disposal of the equipment.
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