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Only answer if you know for sure and explain all steps well, please. ...

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Accounting

Only answer if you know for sure and explain all steps well, please.

C5:

During the year, Forester Co. sold plant and equipment for $25 million in cash. These assets were originally bought 8 years ago for $80 million and were expected to last 10 years after which they were expected to be sold for 10 million. Show the journal entry for recording this transaction assuming straight line method of depreciation and eight full years of use.

Date

Account Titles

Debit Amount

Credit Amount

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