The Weekend Company owns specialized equipment with an original cost of $ 235,000. The company has fully depreciated the asset over the past 5 years and has now made the decision to retire the asset. Which journal entry would be required to record the retirement of this equipment?
A) Debit to Equipment and credit to Accumulated Depreciation-Equipment for $ 235,000
B) Debit Depreciation Expense and credit Accumulated Depreciation-Equipment for $ 235,000
C) Debit Accumulated Depreciation-Equipment and credit Depreciation Expense for $ 235,000
D) Debit to Accumulated Depreciation-Equipment and credit to Equipment for $ 235,000
Correct Answer:
Verified
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