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Gurney Company sold equipment on July 31, 2010 for $50,000. The equipment had cost $140,000 and had $80,000 of accumulated depreciation as of January 1, 2010. Depreciation for the first 6 months of 2010 was $8,000.
Instructions
Prepare the journal entry to record the sale of the equipment.
Income Elasticity
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.
Normal Good
A good for which a rise in income increases the demand for that good—the “normal” case.
Total Revenue
The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.
Elastic Demand
A situation where the demand for a product changes significantly in response to changes in its price.
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