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journal entry Required information When a plant asset is discarded or sold, its cost and accumulated depreciation are removed from the accounts. Any cash proceeds
journal entry
Required information When a plant asset is discarded or sold, its cost and accumulated depreciation are removed from the accounts. Any cash proceeds from discarding or selling an asset are recorded and compared to the asset's book value to determine gain of loss. On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. View transaction list Journal entry worksheet On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Note: Enter debits before credits. Debit General Journal Date Credit Jan 2 Step by Step Solution
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