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requirement 1 Prepare the journal entry (if any) to record depreciation expense for 2021. The asset was not sold by December 31, 2021. The fair
requirement 1
- Prepare the journal entry (if any) to record depreciation expense for 2021.
- The asset was not sold by December 31, 2021.
The fair value of the equipment on that date is $6,095,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $23,000.
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