Hart Company purchased equipment for $200,000 with a salvage value of $20,000. Upon purchase, Hart...
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Hart Company purchased equipment for $200,000 with a salvage value of $20,000. Upon purchase, Hart estimated that the equipment had a 10-year remaining useful life. The company uses the straight-line depreciation method. After holding the equipment for 5 years, the company sold it for $90,000. The entry to record the sale will include: Select one: a. Debit to Loss on Sale of Equipment for $20,000 b. Credit to Gain on Sale of Equipment for $20,000 c. Credit to Equipment for $110,000 d. Debit to Depreciation Expense for $90,000
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