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(solution) Schuler Company had machinery that had originally cost $82,000.


  • Schuler Company had machinery that had originally cost $82,000.  The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $6,000.  Answer each of the following independent questions:

Required:

a.   If the company sold the machinery for $35,000, prepare a journal entry to record the sale.

b.         If the company sold the machinery for $16,000, prepare a journal entry to record the sale

 


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Sep 13, 2020

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