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Acme Co. purchases and installs a machine on January 1, 2017, at a total cost of $105,000. Straight-line depreciation is taken each year for four

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Acme Co. purchases and installs a machine on January 1, 2017, at a total cost of $105,000. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021 and to record the disposal under the assumption that the machine is sold for $45,500 cash. View transaction list Journal entry worksheet

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