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What is needed in journal entry to record sale of machine

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Reference no: EM132768627

Problem 1: A company purchased a machine for $8,000. The salvage value of the machine was sold for $3,000 cash.  What is needed in the journal entry to record the sale of this machine?

A. Credit to accumulated depreciation for $2,000

B. Credit to gain for $2,000

C. Debit to accumulated depreciation for $6,000

D. Debit to cash for $6,000

Problem 2: Which type of legal right is contained in a patent?

A. The right to use another company's business ideas in conducting business for a specified number of years

B. The right for protection from other companies selling a company's product for a specified number of years

C. The right to transport goods through another company's property for a specific number of years

D. The right to use a certain symbol or likeness for a specific number of years

Reference no: EM132768627

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