sale of plant asset raine company has a machine that originally cost $68,000. depreciation has...
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Accounting
Sale of Plant Asset Raine Company has a machine that originally cost $68,000. Depreciation has been recorded for five years using the straight-line method, with a $5,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the journal entry to record the machines sale for (Round to the nearest dollar): a. $37,000 cash b. $33,000 cash c. $28,000 cash
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