On December 31, 2018, a company sold equipment for $545,000; the equipment had originally cost...
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On December 31, 2018, a company sold equipment for $545,000; the equipment had originally cost $900,000. Cash was paid by the buyer of the equipment. Accumulated Depreciation on the equipment, updated to the date of disposal, was $450,000. What is the journal entry to record the disposal of the asset? Multiple Choice Debit Cash and credit Gain on Disposal for $95,000. Debit Cash for $545,000, debit Accumulated Depreciation for $450,000, credit Gain on Disposal for $95,000, and credit Equipment for $900,000. Debit Cash and credit Equipment for $545,000 Debit Cash for $545,000, debit Accumulated Depreciation for $260,000, debit Loss on Disposal for $95,000, and credit Equipment for $900,000
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