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Peterson Company purchased machinery for $800,000 on January 1, 2016. Straight-line depreciation has been recorded...

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Accounting

Peterson Company purchased machinery for $800,000 on January 1, 2016. Straight-line depreciation has been recorded based on a $50,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2020 at a gain of $15,000. What is the journal entry necessary to record this sale?

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