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Baker Inc. purchased a machine on January 1, 2019 for $60,000. On July 1.2022. Baker sold the machine for $27.500. As of January 1, 2022,
Baker Inc. purchased a machine on January 1, 2019 for $60,000. On July 1.2022. Baker sold the machine for $27.500. As of January 1, 2022, the balance in Accumulated Depreciation for the machine was $30,000. Annual depreciation expense for 2022 is $10,000. The journal entry to record the disposal of the machine would include: Acredit to the Machine for $25.000 Acredit to Accumulated Depreciation for $35.000 A debit to the Machine for $60.000 A debit to Accumulated Depreciation for $35.000
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