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25 August, 13:17

Remini company sells equipment for $ 20,000 cash. the equipment has a historical cost of $ 86 comma 000 and accumulated depreciation of $ 56 comma 000. what is the journal entry to record the sale of the equipment?

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  1. 25 August, 13:34
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    Journal Entry for the above transaction will be as follows:

    Cash ... DR 20000

    Accumulated Depreciation ... DR 56000

    Loss onSale of Asset ... DR 10000

    To Equipment 86000
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