As part of a major renovation at the beginning of the year, Mullins' Pharmacy, Inc., sold shelving
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As part of a major renovation at the beginning of the year, Mullins' Pharmacy, Inc., sold shelving units
(store fixtures) that were 10 years old for $1,400 cash. The original cost of the shelves was $6,200 and had been depreciated on a straight-line basis over an estimated useful life of 12 years with an estimated residual value of $200. Record the sale of the shelving units.
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