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On May 1, 2020, Pinkley Company sells office furniture for 70,000 cash. The office furniture originally cost 140,000 when purchased on January 1, 2014. Depreciation

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On May 1, 2020, Pinkley Company sells office furniture for 70,000 cash. The office furniture originally cost 140,000 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a residual value of 14,000. What should be the journal entry for disposal by sale Select one: Cash O a. Accumulated depreciation Loss on disposal Office equipment 70,000 60,200 9,800 140,000 70,000 80,850 Cash Accumulated depreciation O b. Gain on disposal Office furniture 10,850 140,000 70.000 79,800 Cash Accumulated Depreciation O c. Office furniture Gain on disposal 140,000 9,800 Cash Accumulated depreciation Loss on disposal Office equipment 70,000 67,200 2,800 O d. 140,000

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