Yellow School Bus Company had machinery that had originally cost $328,000. The machinery was three...
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Accounting
Yellow School Bus Company had machinery that had originally cost $328,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $24,000. Answer each of the following independent questions:
A. If the company sold the machinery for $140,000, prepare a journal entry to record the sale. B. If the company sold the machinery for $64,000, prepare a journal entry to record the sale.
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