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1.Disposal of Assets A company sells a machine used in their business for...

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Accounting

1.Disposal of Assets
A company sells a machine used in their business for $300,000 cash. The machine originally cost the company $550,000 and the accumulated depreciation up to the date of sale totals $200,000. Prepare the journal entry to record the sale of the machine, including any gain or loss to be recognized.

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