he Chambers Corporation company purchased a machine for $50,000 having useful life 5 years with a salvage value 5,000. The machine sold for $10,000 at the end of year 4.  Create a journal entry using the straight line depreciation and units of activity method, and also create a journal entry to record the sale of that item assuming that the straight line method was used to record depreciation of that item

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The Chambers Corporation company purchased a machine for $50,000 having useful life 5 years with a salvage value 5,000. The machine sold for $10,000 at the end of year 4. 

Create a journal entry using the straight line depreciation and units of activity method, and also create a journal entry to record the sale of that item assuming that the straight line method was used to record depreciation of that item 

 

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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