On August 1, 2020, a copper mining company acquired and installed a new rock crusher for $25,000,000. The crusher is used in the mine to aid in the excavation of ore. At the time of installation, management estimates that the crusher will be used for 8 years, help to mine 3 million tons of ore, and have a residual value of $1,000,000. The company has a December 31 fiscal year end.

The mines actual production through 2022 was as follows:

Year Tons of ore mined

2020 150,000

2021 400,000

2022 350,000

1. [DISPOSAL] Assume that management sold the rock crusher on January 1, 2030 for $750,000. Further assume that on this date, the cost of the asset was $25,800,000 and its accumulated depreciation was $24,500,000. Prepare the journal entry to record the sale (not all lines of the journal entry will be used).

Response:
account name	amount
account name	amount
account name	amount
account name	amount
account name	amount
account name	amount