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On December 31, 2016, Far Niente Winery sold a wine press for $545,000; the wine...

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Accounting

On December 31, 2016, Far Niente Winery sold a wine press for $545,000; the wine press had originally cost $900,000. Cash was paid by the buyer of the press. Accumulated Depreciation on the press, updated to the date of disposal, was $450,000. What is the journal entry to record the disposal of the asset?

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