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On January 2, Year 1, Williams Company purchased equipment costing $16, 800, with an estimated salvage value of $3,000 and an estimated useful life of

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On January 2, Year 1, Williams Company purchased equipment costing $16, 800, with an estimated salvage value of $3,000 and an estimated useful life of 12 years. On December 31, Year 9, Williams Company scrapped the equipment. Prepare the journal entry to record the scrapping of the asset

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