Sunny. Co. purchased a farming machine for $10,000 in cash on October 1 of Year 1 .
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Question:
Sunny. Co. purchased a farming machine for $10,000 in cash on October 1 of Year 1. The machine has an estimated useful life of 8 years and an estimated salvage value of $2,000. Sunny. Co. uses the straight-line method for computing depreciation expense.
Which ONE of the following is included in the journal entry necessary to record the sale of the machine for $7,700 cash at the end of Year 3? Note: The sale takes place after the recording of depreciation expense for Year 3 has been completed.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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