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Flounder Company sells equipment on September 30,2020, for $20,300 cash. The equipment originally cost $74,400 and as of January 1, 2020, had accumulated depreciation of
Flounder Company sells equipment on September 30,2020, for $20,300 cash. The equipment originally cost $74,400 and as of January 1, 2020, had accumulated depreciation of $42,400. Depreciation for the first 9 months of 2020 is $5,450.
Prepare the journal entries to (a) update depreciation to September 30, 2020, and (b) record the sale of the equipment.
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