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Prepare the journal entries to record the sale

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Question - Crane Company sells office equipment on July 31, 2022, for $23,130 cash. The office equipment originally cost $81,640 and as of January 1, 2022, had accumulated depreciation of $35,870. Depreciation for the first 7 months of 2022 is $4,810.

Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.

Reference no: EM132441620

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