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please look at the month and numbers carefully to avoid any mistakes with clear explanations Presented below are selected transactions for Corbin Company for 2011
please look at the month and numbers carefully to avoid any mistakes
with clear explanations
Presented below are selected transactions for Corbin Company for 2011 April 30 Sold a machine for $28.000 that was purchased on January 1, 2008. The machine cost $75,000 and had a useful life of 5 years with no residual valuc. Dec. 31 Discarded a business automobile that was purchased on April 1, 2007. The car cost $32,000 and was depreciated on a 5-ycar useful life with a residual value of $2.000 Required: Joumalize all entries required as a result of the above transactions. Corbin Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2010. (40%) April 30Step by Step Solution
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