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Raine Company has a machine that originally cost $58, 000. Depreciation has been recorded for four years using the straight-line method, with a $5, 000
Raine Company has a machine that originally cost $58, 000. Depreciation has been recorded for four years using the straight-line method, with a $5, 000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine. Prepare the journal entry to record the machine's sale for (Round to the nearest dollar): Cash Accumalated Depreciation- Equipment To record sale of machine
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