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A stamping machine that cost $150,000 was purchased 1/2/2017. The machine was expected to last for 12 years and have 35,000 salvage value. On 4/1/2021

A stamping machine that cost $150,000 was purchased 1/2/2017. The machine was expected to last for 12 years and have 35,000 salvage value. On 4/1/2021 the machine was sold for $45,000 cash; assume the company used straight line depreciation.

Prepare the necessary entries for this sale. Show and label all amounts in your computations for credit.

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