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Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The machine was estimated to have a 10 year useful

Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The machine was estimated to have a 10 year useful life with a residual value of $15,000. The company used the straight-line method to depreciate the machine. On December 31, 2019, the company sold the equipment for $190,000 cash Required Calculate the gain or loss on sale on the sale of the machine. Prepare the journal entry to recognize the sale of the machine. Requirement #1 DEBIT CREDIT DATE ACCOUNT

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