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On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for $250,000. At December 31, 2015, the equipment had a
On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for $250,000. At December 31, 2015, the equipment had a book value of $75,000 and was being depreciated on a straight-line basis at $25,000 per year. Zinba sold the equipment for $60,000. Prepare the journal entries necessary to record the disposal of the machine. You must SHOW YOUR WORK!!!
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