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Account HW: ABC Company gathered the following data for the year ended December 31, 2015, related to its equipment. Equipment Accumulated Depreciation, Equipment January 1,
Account HW: ABC Company gathered the following data for the year ended December 31, 2015, related to its equipment.
Equipment | Accumulated Depreciation, Equipment | |
January 1, 2015, balance | $85,000 | $40,000 |
Total debits to the account | 55,000 | 53,000 |
Total credits to the account | 48,000 | 51,000 |
December 31, 2015, balance | 92,000 | 56,000 |
Based on the above data, prepare the journal entry to record the sale of equipment during the year for $11,500 cash.
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