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On January 1, 2014 Morgan manufacturer acquired a machine for $100,000 with an estimated useful life of 5 years and an estimated residual value of

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On January 1, 2014 Morgan manufacturer acquired a machine for $100,000 with an estimated useful life of 5 years and an estimated residual value of $10,000. The company uses the straight-line method of depreciation. The machine was disposed of for $46,000 on January 1, 2017. REQUIRED: Prepare the journal entry to record the disposal of the machine

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