A machine was purchased during 2019 for $3,750,000. At the time of purchase it was estimated that
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Question:
Required:
a. Prepare the journal entry to record the derecognition of the asset in 2025.
b. Assume that rather than using the straight-line method, the company uses the declining balance method of depreciation at a 20% rate. Prepare the journal entry to record the derecognition of the asset in 2025.
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