On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for $250,000.
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On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for $250,000. At December 31, 2015, the equipment had a book value of $75,000 and was being depreciated on a straight-line basis at $25,000 per year. Zinba sold the equipment for $60,000.
Prepare the journal entries necessary to record the disposal of the machine.
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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