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Westunder Company purchased machinery for $225,000 which had an estimated useful life of 7 years with an expected residual value of $16,000. At December

Westunder Company purchased machinery for $225,000 which had an estimated useful life of 7 years with an expected residual value of $16,000. At December 31, 2020, the machinery is fully depreciated. REQUIRED: Prepare the journal entry on December 31, 2020 to record the disposal of the machinery that sold for $12,000.

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