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Sale of Plant Asset Noble Company has a equipment that originally cost $123,000. Depreciation has been recorded for six years using the straight-line method, with a $27,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Noble sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $60,000 cash b. $51,000 cash C. $40,000 cash
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