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Joan corp sold office equipment on january 12009 for a cash

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Reference no: EM13582249

Joan Corp sold office equipment on January 1,2009 for a cash price of $430,000. The equipment had a cost of $500,000 and accumulated depreciation of $180,000.

a. What is the book value of the equipment on the date sold?
b. What is the gain or loss on the sale of the equipment?
c. Prepare the journal entry to record the sale of the asset.

Reference no: EM13582249

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