The Bandor Group sold one of its plant assets on July $1$ of the current year for $$340,000.$ The asset had an original cost of $$500,500$ and an estimated residual value of $$73,000.$ The firm used the strai The asset was in service for $5$ years as of January $1$ of the current year.

Read the eaulirements.

Requirement a$.$ Prepare the journal entry required to record the depreciation for the current year. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

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