Intel Corporation has the following data for its fixed assets: Cost of machinery: $500,000 Accumulated depreciation: $200,000
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Question:
Intel Corporation has the following data for its fixed assets:
- Cost of machinery: $500,000
- Accumulated depreciation: $200,000
- Fair market value: $350,000
Determine the book value of the machinery and prepare the necessary journal entry if Intel decides to sell the machinery for $350,000.
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