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Flounder Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment...

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Accounting

Flounder Corporation donates equipment and a truck to the community Home Assistance Centre. The equipment had a cost of $95,000, accumulated depreciation to the contribution date of $45,000, and a fair value of $42,000. The truck had a cost of $44,000, accumulated depreciation to the contribution date of $42,000, and a fair value of $22,000. Prepare the journal entry Flounder Corporation would make for the donation

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