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Novak Company purchased machinery for $532800 on January 2, 2023. Straight-line depreciation has been recorded based on a $41400 salvage value and a 3-year useful

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Novak Company purchased machinery for $532800 on January 2, 2023. Straight-line depreciation has been recorded based on a $41400 salvage value and a 3-year useful life. The machinery was sold on March 2, 2025 at a gain of $11500. The journal entry to record the sale of the machinery will include a credit to Gain on Disposal for $29900. a debit to Accumulated Depreciation - Equipment for $327600. a credit to Equipment for $177900. a debit to Cash for $189400

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