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Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000

Accounting

Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:

A debit to Cash of $42,000

A credit to Gain on Sale of $2,000

A debit to Accumulated Depreciation of $47,000

A credit to Machinery of $47,000

A credit to Accumulated Depreciation of $40,000

 

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