Foley Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has...
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Accounting
Foley Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
Instructions Prepare Foley Company's journal entries to record the sale of the equipment in this independent situation.
(a) Sold for $42,000 on January 1, 2017
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