At the beginning of the current year, Andy Company has equipment that originally cost $50,000, has $35,000 accumulated depreciation, and is being depreciated at $5,000 per year. Andy sells this equipment for $12,000 at the end of the current year. Required:   Prepare journal entries to record both the current year’s depreciation and the disposal of the equipment

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A: Introduction: Journals entries

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A:

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A: Answer and calculations are given below

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A:

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