The company sold all of the machines in the factory to a friend of the Managing...
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The company sold all of the machines in the factory to a friend of the Managing Director. The original cost of all the machines sold was $1m. The accumulated depreciation on all the machines was $950,000. The sales proceeds received for the sale of the machines amounted to $150,000. Prepare the accounting entries for the sale of the machines. The company sold all of the machines in the factory to a friend of the Managing Director. The original cost of all the machines sold was $1m. The accumulated depreciation on all the machines was $950,000. The sales proceeds received for the sale of the machines amounted to $150,000. Prepare the accounting entries for the sale of the machines.
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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