Funseth Farms Inc. purchased a tractor in 2010 at a cost of $30,000. The tractor was sold

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Funseth Farms Inc. purchased a tractor in 2010 at a cost of $30,000. The tractor was sold for $3,000 in 2013. Depreciation recorded through the disposal date totaled $26,000.

Required:

1. Prepare the journal entry to record the sale.

2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.

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Intermediate accounting

ISBN: 978-0077647094

7th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Question Posted: Dec 23, 2013 10:35 AM

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Funseth Farms Inc. purchased a tractor in 2010 at a cost of $30,000. The tractor was sold

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Requirement 1 Cash 3000 Accumulated depreciation x tractor account ...View the full answer

Intermediate accounting

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