Golden Company sold the following machine in 2017: I Machine Cost $76,000 Purchase date July...
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Golden Company sold the following machine in 2017: I Machine Cost $76,000 Purchase date July 1, 2013 Useful life 8 years Salvage value $4,000 Depreciation method Straight-line Date sold July 1, 2017 Sales price $35,000 At December 31, 2016, there was $31,500 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. Instructions Journalize all entries required to update depreciation and record the sales of the asset in 2017. (Hint: there are 2 journals entries)
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