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McLean Mfg. Company sold a three-speed lathe (equipment) for $24,000 cash. The lathe cost $76,500 and had a book value of $43,500. Required: Prepare the

McLean Mfg. Company sold a three-speed lathe (equipment) for $24,000 cash. The lathe cost $76,500 and had a book value of $43,500.

Required: Prepare the journal entry to record the sale.

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