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Question: Company Z sold a half-depreciated asset with an original cost of $40,000 and annual depreciation of $4,000 to T company for $9,000. Company T recognized $1,500 in depreciation expense on the asset and it has been paid for

Account	Debit	Credit
Fixed Asset	$31,000
Depreciation Expense	2,500
Loss on Sale of Asset		?
Accumulated Depreciation		?

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Accounting Basics, Accounting

Category:- Accounting Basics
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