If Fully Depreciated Equipment That Cost $10000 with No Salvage

question 12

Short Answer

If fully depreciated equipment that cost $10000 with no salvage value is retired the entry to record the retirement requires a debit to the ___________________________ account and a credit to the _____________________ account.

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Definitions:

Active Steps

Measures or actions taken with deliberate effort and intention toward achieving a specific goal.

Fraudulent Misrepresentation

Involves knowingly making a false statement with the intent to deceive, leading another party to enter into a contract.

Mutual Mistake

A misunderstanding among all parties involved in a contract, making the contract potentially voidable.

Basic Assumption

An underlying assumption that is accepted as true without proof as the basis for argument or action.