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Exercise 1 1 - 1 2 ( Algo ) Depreciation methods; disposal; partial periods [ LO 1 1 - 2 ] Howarth Manufacturing Company purchased

Exercise 11-12(Algo) Depreciation methods; disposal; partial periods [LO11-2]
Howarth Manufacturing Company purchased equipment on June 30,2020, at a cost of $175,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31,2024, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.
Required:
Prepare the journal entry to record the sale.
Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.
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Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount.
Journal entry worksheet
1
Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.
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