On January 2, 2016,Verdi Company acquired a machine for $85,000. In addition to the purchase price,Verdi spent $2,000 for shipping and installation, and $2,500 to calibrate the machine prior to use. The company estimates that the machine has a useful life of five years and a residual value of $7,000.

FIND:

On December 31 , 2019 , Verdi sold the machine to another company for $ 12 100 . Prepare the necessary journal entry to record the sa le Description Debit Credit Cash Accumulated depreciation