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What is the journal entry for the scraped machine

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1. Paid $20,000 cash to purchase equipment costing $80,000. The remaining amount was recognized as a one year note payable with interest rate of 9%.

2. A major dental machine in our office is broken beyond repair after a fire. The dental machine had a book value of $1000 and had accumulated depreciation of $800. What is the journal entry for the scraped machine?

Reference no: EM132143746

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