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Buck Corporation sold equipment costing $30,000 with $28,000 of accumulated depreciation for $5,000 cash. Bock's journal entry to record this sale will involve a: Select one: a. debit to Accumulated Depreciation for $28,000 b. debit to Gain on Sale, of Equipment for $3,000 c. debit to Depreciation Expense for $28,000 d. credit to Equipment for $2,000

Buck Corporation sold equipment costing $30,000 with $28,000 of accumulated depreciation for $5,000 cash. Bock's journal entry to record this sale will involve a: Select one: a. debit to Accumulated Depreciation for $28,000 b. debit to Gain on Sale, of Equipment for $3,000 c. debit to Depreciation Expense for $28,000 d. credit to Equipment for $2,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Buck Corporation sold equipment costing $30,000 with $28,000 of accumulated depreciation for $5,000 cash. Bock's journal entry to record this sale will involve a: Select one: a. debit to Accumulated Depreciation for $28,000 b. debit to Gain on Sale, of Equipment for $3,000 c. debit to Depreciation Expense for $28,000 d. credit to Equipment for $2,000
Transcribed Image Text:Buck Corporation sold equipment costing $30,000 with $28,000 of accumulated depreciation for $5,000 cash. Bock's journal entry to record this sale will involve a: Select one: a. debit to Accumulated Depreciation for $28,000 b. debit to Gain on Sale, of Equipment for $3,000 c. debit to Depreciation Expense for $28,000 d. credit to Equipment for $2,000
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