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Cheney Company sold a 20-ton mechanical draw press for $64,400. The old draw press cost...

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Accounting

Cheney Company sold a 20-ton mechanical draw press for $64,400. The old draw press cost $84,600 and had a book value of $59,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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