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On January 1, 2015, Burns Company purchased equipment for $172,000. Burns uses straight-line depreciation and estimates an eight-year useful life and a $12,000 salvage value.
On January 1, 2015, Burns Company purchased equipment for $172,000. Burns uses straight-line depreciation and estimates an eight-year useful life and a $12,000 salvage value. On December 31, 2019, Burns sells the equipment for $60,000. In recording this sale, Burns should reflect:
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
