Gunkelson Company sells equipment on September 30, 2022, for $18,000 cash. The equipment originally cost $72,000 and

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Gunkelson Company sells equipment on September 30, 2022, for $18,000 cash. The equipment originally cost $72,000 and as of January l , 2022, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2022 is $5,250. Prepare the journal entries to (a) update depreciation to September 30, 2022, and (b) record the sale of the equipment.

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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

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