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ABC incorporation decides to charge depreciation on its assets. The cost of its asset was $100000 In year 1 it charged depreciation S 10000 and

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ABC incorporation decides to charge depreciation on its assets. The cost of its asset was $100000 In year 1 it charged depreciation S 10000 and the same in year 2 But ABC has to suddenly wind up all its business Thus at the end of year 2 it sells its asset for $ 30000 only. Pass journal entries for year 1 and year 2

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