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Garcia Co. owns equipment that cost $78,400, with accumulated depreciation of $41,600. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,200 cash, (2) $36,800 cash, and (3) $31,700 cash.

Transaction General Journal Debit Credit Record entry Clear entry View general journal

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Date Account title Debit Credit Cash $ 48,200 Accumulated depreciation - Equipment $ 41,600 Equipment $ 78,400 Gain on sale o

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