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Finney Company sold a machine for $12,000. The machine originally cost $34,000 in 2018 and $8,000 was spent on a major overhaul in 2021 (charged
Finney Company sold a machine for $12,000. The machine originally cost $34,000 in 2018 and $8,000 was spent on a major overhaul in 2021 (charged to the Equipment account). Accumulated Depreciation on the machine to the date of disposal was $30,000.
Indicate which accounts are increased and /or decreased and by which amount to record the disposition of the machine.
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