On June 28, 2019, Gundrum Inc. decided to dispose of its widget-making machine and found a buyer willing to pay $15,000 for the machine. At January 1, 2019, the cost and accumulated depreciation of the widget-making machine was $1,000,000 and $900,000, respectively. The widget machine is depreciated over 20 years with no salvage value. Make all of the appropriate journal entries.

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To record the disposal of the widgetmaking machine we need to account for the accumulated depre... View the full answer