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QUESTION 23 Plant Asset Disposal Crown Construction sold one of its machines for $4,000 on August 1, 20Y3. The machine originally cost Crown $14,000 and
QUESTION 23 Plant Asset Disposal Crown Construction sold one of its machines for $4,000 on August 1, 20Y3. The machine originally cost Crown $14,000 and had accumulated depreciation of $12,400 at the time of sale. Prepare the journal entry needed at date of sale. The following account titles may be needed for your transaction. Not all of them will be used: Machine, Accumulated Depreciation, Depreciation Expense, Gain on Sale, Loss on Sale, Cash. Example for how to format your answer: Borrowed $5,000 from a bank. Account Title Debit Credit Cash 5,000 0 Notes Payable O 5,000 NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5,000). If no dollar value is needed in a blank, put "o" in the space provided. Account Title Debit Credit
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