Arma Ltd. sells equipment on September 30, 2020, for 20,000 cash. The equipment originally cost 72,000 and
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Arma Ltd. sells equipment on September 30, 2020, for £20,000 cash. The equipment originally cost £72,000 and as of January 1, 2020, had accumulated depreciation of £42,000. Depreciation for the first 9 months of 2020 is £4,800. Prepare the journal entries to (a) update depreciation to September 30, 2020, and (b) record the sale of the equipment.
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a Depreciation Expense 4800 Accumulated Depreciation x Equipment 4800 b Cash 20000 Accumulated ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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