Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500, freight charges$6,500, and insurance during transit, $5,500, insurance for first year $10,000 . Assume that Keaubie Co. sold the equipment for $14,000 cash and accumulated depreciation on the equipment is $190,000, . Journalize the transaction.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 4RE: Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000...
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Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500, freight charges$6,500, and insurance during transit, $5,500, insurance for first year $10,000 . Assume that Keaubie Co. sold the equipment for $14,000 cash and accumulated depreciation on the equipment is $190,000, . Journalize the transaction.

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