Savory Enterprises reported the following information regarding the companys fixed assets in the footnotes to the companys
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Savory Enterprises reported the following information regarding the company’s fixed assets in the footnotes to the company’s 1996 financial statements. Office furniture $500,000 Less: Accumulated depreciation 300,000 200,000 Chapter 9 Long-Lived Assets 461 REQUIRED:
a. Assume that Savory Enterprises sells all of its office furniture for $235,000 in cash on January 1, 1997. Prepare the entry to record the sale.
b. Assume that Savory Enterprises sells all of its office furniture for $185,000 in cash on January 1, 1997. Prepare the entry to record the sale.
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