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During the current year, the following transactions were recorded by the general fund of Johnson City: i. Purchase a new fire truck costing 375,000 in
During the current year, the following transactions were recorded by the general fund of Johnson City: i. Purchase a new fire truck costing 375,000 in cash. ii. Sold for $128,000 equipment acquired 10 years ago for $450,000. iii. Paid interest and principal on long term debt of $125,000 and 500,000 respectively. Prepare all journal entries made by Johnson City's general fund for the above transactions
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