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On April 1,2020,Sagan Realty disposed of an automobile that had cost $50,000 on January 1,2018.The automobile had a residual value of $8,000,and a useful life of 5 years.The accounting records showed accumulated depreciation for this asset of $16,800 at December 31,2019.The asset was discarded after an accident,and $11,500 was received from an insurance claim.Prepare the journal entry to record the disposal of the automobile.
Money Wages
The nominal wage rate, which is the amount of money paid per hour, day, or work unit, before adjusting for inflation.
Prestigious
Describes having high status, respect, or esteem derived from proven success, quality, or importance in a specific area or field.
Stressful
Pertaining to emotional or physical tension, often resulting from demanding circumstances or events.
Institutional Barrier
Structural obstacles created by societal norms, laws, or organizational practices that hinder access or participation.
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