Multiple Choice
On January 1, 2013, a machine with an estimated life of 5 years and an estimated residual value of $5,000 was acquired for $40,000. On July 1, 2015, the machine was sold for $7,000 cash. The journal entry to record the sale
A) decreases stockholder's equity.
B) increases total assets.
C) decreases total expenses.
D) increases net income.
Correct Answer:
Verified
Correct Answer:
Verified
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