Funseth Farms Inc. purchased a tractor in 2021 at a cost of $30,000. The tractor was sold

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Funseth Farms Inc. purchased a tractor in 2021 at a cost of $30,000. The tractor was sold for $3,000 in 2024. Depreciation recorded through the disposal date totaled $26,000.

(1) Prepare the journal entry to record the sale.
(2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.

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Intermediate Accounting

ISBN: 9781264134526

11th Edition

Authors: David Spiceland

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Question Posted: Aug 26, 2022 02:45 AM

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Funseth Farms Inc. purchased a tractor in 2021 at a cost of $30,000. The tractor was sold

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Intermediate Accounting

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