(Answered) Funseth farms inc purchased a tractor in 2008 at a cost of

Accounting

Funseth Farms, Inc. purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.

Required:

1. Prepare the journal entry to record the sale.

2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.

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