Use the Information Above to Answer the Following Question

question 21

Multiple Choice

Use the information above to answer the following question.If the company sells the machine at the end of 5 years and receives $11,500,the journal entry to record the sale will include which of the following?

• A) Debit to Accumulated Depreciation for $138,000
• B) Credit to Machine for $138,000
• C) Debit to Loss on Sale for $500
• D) Credit to Residual Value for $12,000

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Definitions:

Jim Crow Laws

A series of state and local laws in the United States that enforced racial segregation and discrimination against African Americans, especially in the South, from the late 19th century into the 1960s.

Liberal Arts

Academic subjects such as literature, philosophy, mathematics, and social and physical sciences as distinct from professional and technical subjects.

Economic Self-sufficiency

The condition of being able to produce and maintain the consumption of goods and services without external assistance.

George Washington Carver

An American agricultural scientist and inventor who promoted alternative crops to cotton and methods to prevent soil depletion.