On July 1, 2010, Low Enterprises sold equipment with an original cost of $85,000 for...
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Accounting
On July 1, 2010, Low Enterprises sold equipment with an original cost of $85,000 for $40,000. The equipment was purchased January 1, 2009, and was depreciated using the straight-line method assuming a five year useful life and $5,000 salvage value. The necessary entries for 2010 include a:
(correct answer is Debit to Depreciation Expense for $8,000 but I don't know how)
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