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BMW showed the following adjusted account balances on April 30, 2021: Property, Plant &...

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Question

Accounting

BMW showed the following adjusted account balances on April 30, 2021:

Property, Plant & Equipment
Asset Balance
Equipment 45,000
Accumulated depreciation, Equipment 22,000

Required:

1. Prepare the journal entry to record the disposal of the equipment if it was sold for cash in the amount of 15,000 on May 1, 2021.

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