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Prepare general journal entries required to record the sale

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Question - On July, 1, 2016, Alpha Company purchased for $80,000, equipment having a service life of eight years and an eztimated risidual value of $8,000. Alpha has recorded depreciation of the equipment using the double declining balance method. On December 31, 2019, before making any annual adjusting entries, the equipment was sold for $20,000. Use this information to prepare General Journal entries required to record the sale event for December 31, 2019.

Reference no: EM132173991

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