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Rhonda Company had machinery that had originally cost $164,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a
- Rhonda Company had machinery that had originally cost $164,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $12,000. Answer each of the following independent questions:
a. If the company sold the machinery for $70,000, prepare a journal entry to record the sale.
b. If the company sold the machinery for $32,000, prepare a journal entry to record the sale.
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