On January 1,Year 1,a machine with an estimated life of five years and an estimated residual value of $5,000 was acquired for $40,000.On July 1,Year 3,the machine was sold for $7,000 cash.What is the journal entry to record this sale?
A) decrease shareholders' equity
B) increase total assets
C) decrease total expenses
D) increase net income
Correct Answer:
Verified
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