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On June 1, 20X4, management of Tiki Entity (TE) decides to sell its torch-making machine for $50,000. The carrying amount of the machine as of
On June 1, 20X4, management of Tiki Entity (TE) decides to sell its torch-making machine for $50,000. The carrying amount of the machine as of June 1 is $70,000 (original cost of $100,000 less accumulated depreciation of $30,000). Give the journal entry required to record the sale of the machine.
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