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Magily Company purchased a machine for $1,000,000 in cash on September 1 of Year 1. As of March 5 in Year 11, it has a
Magily Company purchased a machine for $1,000,000 in cash on September 1 of Year 1. As of March 5 in Year 11, it has a remaining book value of $220,000 (assume all depreciation has been recorded up to that point in the year). Which ONE of the following is included in the journal entry necessary to record the sale of the machine for $115,000 on March 5 of Year 5? DEBIT to Accumulated Depreciation for $220,000 DEBIT to Machine for $1,000,000 DEBIT to Loss on Sale of Machine for $105,000 CREDIT to Machine for $780,000 CREDIT to Accumulated Depreciation for $105,000
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