The Snowdon Mining Company purchased a machine for $80,000 on January |, 1997.

The company depreciates the asset using the straight-line method over five years to a zero residual value. On December 31, 2000, the company sells the machine.

Required: Using T-accounts, prepare entries to record the disposal of the machine if it is sold for cash in the amount of: (1) $16,000, (2) $11,000, and (3) $17,000. Assume the company has recorded depreciation expense for 2000.

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