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Crane Company owns equipment that cost $107,000 when purchased on January 2, 2024. It has been depreciated using the straightline method based on estimated residual
Crane Company owns equipment that cost $107,000 when purchased on January 2, 2024. It has been depreciated using the straightline method based on estimated residual value of $5,000 and an estimated useful life of five years. Following are the four independent situations. Prepare Crane Company's journal entry to record the sale of the equipment for $28,500 on October 1,2027 . (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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