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Please help me finish this correctly As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals Inc. sold shelving units (recorded
Please help me finish this correctly
As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1, 040 cash. The shelves originally cost $7360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)Step by Step Solution
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