Question: Prepare the journal entry for each transaction to record the sale of an asset. Company XYZ owns equipment that costs $100,000, with an accumulated depreciation

Prepare the journal entry for each transaction to record the sale of an asset.

Company XYZ owns equipment that costs $100,000, with an accumulated depreciation of $40,000. Company XYZ sells the equipment for cash. Record the sale of the equipment assuming XYZ sells the equipment for $60,000. (You may or may not need to use all debit and credit lines.) Prepare the journal entry for each transaction to record the sale

Debit Debit Credit Credit $

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