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Venkat Engineering decided to dispose of his old industrial evaporator and...

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Accounting

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Venkat Engineering decided to dispose of his old industrial evaporator and upgrade to a new model. He had purchased the old evaporator on January 1,2008 for $12,400. There was no salvage/residual value and the useful life Venkat had used was 5 years. Venkat depreciated his machinery using a Straight Line basis. Venkat sold the equipment on December 31, 2011 to Tavon for $1700. a) Calculate the Book Value at time of sale $ b) Calculate Venkat's gain or loss on this sale? Enter a loss as a negative value. c) Journalize this sale on Venkat's books on June 30, 2013. Date Description Debit Credit June 30 Question Help: Message instructor Calculator

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