QUESTION 1 Mack Company purchased equipment in 2018 for $80,000 and estimated an $8,000 salvage...
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QUESTION 1 Mack Company purchased equipment in 2018 for $80,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2024, there was 50,400 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On April 30, 2025, the equipment was sold for $22,000 Prepare the appropriate journal entries to remove the equipment from the books of the Mack Company on April 30, 2025
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