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Ehrlich Company purchased equipment for $1,300,000 on 1/1/19. Straight line depreciation has been recorded based on a salvage value of $60,000 and a 6 year
Ehrlich Company purchased equipment for $1,300,000 on 1/1/19. Straight line depreciation has been recorded based on a salvage value of $60,000 and a 6 year life. On May 1, 2022, the equipment was sold for $600,000.
- Prepare the journal entry to record the depreciation for 2022. Show your calculations.
- Prepare the journal entry to record the sale.
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Agile Auditing Fundamentals And Applications
Authors: Raven Catlin, Danny M Goldberg, Ceciliana Watkins
1st Edition
