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Canon Motors purchased a machine that will help diagnose problems with engines.
The machine cost $210,000 on January 1, 2010 and a residual value of $10,000
was anticipated, with a useful life of 5 years.
Canon
Motors can replace this machine with one that is more efficient and sells the
old machine for $45,000 on July 1, 2012.
Prepare
the appropriate journal entry to record the sale of this machine, assuming the
company uses the double-declining-method of depreciation.
