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At the beginning of the current year, Andy Company has equipment that originally cost $50,000,...

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Question

Accounting

At the beginning of the current year, Andy Company has equipment that originally cost $50,000, has $35,000 accumulated depreciation, and is being depreciated at $5,000 per year. Andy sells this equipment for $12,000 at the end of the current year.
Required:
Prepare journal entries to record both the current years depreciation and the disposal of the equipment.

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