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Exercise 7-58 (Algorithmic) Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1 2019 Perfect had acquired the car on
Exercise 7-58 (Algorithmic) Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1 2019 Perfect had acquired the car on January 1, 2017, for?13 500At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of 3.000 Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the lournal entry to record the sale of the car assuming the car sold for(a) 6,500 cash, (b) $4,000 cash, and (c) $7,000 cash. The company recorded the car as equipment. If no entry is required, leave the answer boxes blank. Record sale of car b. Record sale of car Record sale of car
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