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On October 31, 2024, Pharoah Ltd purchased a piece of machinery for $40,000. At the time, management determined that the machinery would have a residual
On October 31, 2024, Pharoah Ltd purchased a piece of machinery for $40,000. At the time, management determined that the machinery would have a residual value of $4,000 at the end of its 10 -year life. Pharoah has a December 31 year end and uses the straight-line depreciation method. Pharoah ended up selling the piece of equipment on March 31, 2026, for $31,000. (Record entries in the order displayed in the problem statement. Credit account titles are dutomaticaliy indented when the amount is entered. Do not indent manualif. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List alf debit entries before credit entries. Question 2 of 7 (To zecord deprecation expense) Question 2 of 7 (Tto necord depreciation experise) (To record sale of machine)
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