Ritenour Manufacturing has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000 and a fair value of $26,000. Ritenour has decided to sell the machine.
(a) What entry would Ritenour make to record the sale of the truck for $26,000 cash?
(b) What entry would Ritenour make to record the sale of the truck for $15,000 cash?
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