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Nanotech Inc owns a machine with an original cost of $200,000 and a book value of $60,000.Give the entries to record the following
(a) Sold the machine for $72,000 cash.
(b) Discarded the machine
(c) Sold the machine for $5,000 cash and a $40,000 note
Breach
The act of breaking a law, agreement, or code of conduct.
Bankruptcy
A legal process concerning an individual or company unable to settle their due debts.
Insolvency
A financial state where an individual or entity cannot meet their debt obligations as they become due.
Liabilities
Financial obligations or debts that an entity is legally responsible to pay.
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