Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for
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Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:
A debit to Cash of $42,000
A credit to Gain on Sale of $2,000
A debit to Accumulated Depreciation of $47,000
A credit to Machinery of $47,000
A credit to Accumulated Depreciation of $40,000
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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