A company sold office furniture costing $16,500 with accumulated depreciation of $14,000 for $1,800 cash. The entry to record the sale would include:

Question

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The company sold the office furniture for $1,800, but the furniture had a total cost of $16,500 and accumulated depreciation of $14,000, resulting in a loss of $700. Therefore, the entry to record the sale would include a loss for $700.

A Company Sold Office Furniture Costing $16,500 with Accumulated Depreciation