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James Company sells equipment on July 1, 1995, for $9,000. The equipment originally cost $57,500...

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Accounting

James Company sells equipment on July 1, 1995, for $9,000. The equipment originally cost $57,500 and as of January 1, 1995, had accumulated depreciation of $40,000. Depreciation for the first month of 1995 is $5,000.

  1. Prepare the journal entry to update the depreciation to July 1, 1995.
  2. Record the sale of equipment.

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