Answered: A large chiller was purchased for…

A large chiller was purchased for $10,000 and has accumulated depreciation of $8,000. The chiller was sold for $5,000. What is the correct entry to remove the asset from the books?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AFE

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A large chiller was purchased for $10,000 and has accumulated depreciation of $8,000. The chiller was sold for $5,000. What is the correct entry to remove the asset from the books?

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