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On December 31, 2020 a company had the following information reported in their balance sheet: Equipment worth $500,000 and related Accumulated Depreciation of $405,000.

On December 31, 2020 a company had the following information reported in their balance sheet: Equipment worth $500,000 and related Accumulated Depreciation of $405,000. The equipment was donated to a charity. The equipment was valued at its current net book value. Required Prepare the journal entry to record the donation.

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