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Millworks Company owns a milling machine that cost $125 ...

Millworks Company owns a milling machine that cost $125,000 and has accumulated depreciation of $91,000. Prepare the entry to record the disposal of the milling machine on January 5 under each of the following independent situations.

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E10-16 Millworks Company owns a milling machine that cost $125,000 and has accumulated depreciation of $91,000. Prepare the entry to record the disposal of the milling machine on January 5 under each of the following independent situations.

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Millwork's Company owns a milling machine that cost $125,000

Millwork's Company owns a milling machine that cost $125,000. And has accumulated depreciation of $91,000. Prepare the entry to record the disposal of the milling machine on January 5 under each of the following independent situations.

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McPherson Company must purchase a new milling machine. The purchase price is $50,000, including installation. The machine has a tax life of 5 years, and it can be depreciated according to the following rates. The firm expects to operate the machine for 4 years and then to sell it for $12,500.