On January 1, 2021, Bramble Company purchased on credit machinery costing $199,500 and incurred $6,745...
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On January 1, 2021, Bramble Company purchased on credit machinery costing $199,500 and incurred $6,745 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $12,220. The company uses the straight-line method of depreciation. At the end of 2022, Bramble recorded depreciation and assessed the asset, determining a recoverable amount of $166,400. Bramble sold the equipment to Voilex Corporation on June 30, 2023, for $163,700. Prepare the necessary entries assumin
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