Prepare journal entries to record the following: (a) Mayorga Fin

Prepare journal entries to record the following:
(a) Mayorga Fine Foods retires its delivery equipment, which cost $45,000. Accumulated depreciation is also $45,000 on this delivery equipment. No salvage value is received.
(b) Assume the same information as (a), except that accumulated depreciation for Mayorga Fine Foods is $41,000, instead of $45,000.

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...

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