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Record the entry to account for the sale of the mill

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A saw mill was purchased on July 1, 2005 for $19.5 million. Industrial engineers estimate the mill can saw 100 million linear board feet of lumber over its 15 year useful economic life. There is a given a $1.5 million salvage value.

Assume the book value of the mill in question equal to its salvage value. Record the entry to account for the sale of the mill for $6 million.

 

Reference no: EM13487620

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