Question #3 On January 2, 2020, XYZ Company disposed of equipment that cost $55,000 and...
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Accounting
Question #3
On January 2, 2020, XYZ Company disposed of equipment that cost $55,000 and had accumulated depreciation of $30,525 up to that date. The machine was sold for $26,250 cash.
Required:
1. What was the gain/loss on this disposal?
2. Record the journal entry for this transaction.
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