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Problem
A company using the double-declining-balance method for recording depreciation has a fully depreciated asset with a salvage value of $8,000. The asset originally cost the company $62,000. If the company retires the asset in the current year for no proceeds, the journal entry to record the disposal would include:
A
A debit to Accumulated Depreciation for $62,000
B
A debit to Depreciation Expense for $8,000
C
A credit to Equipment for $8,000
D
None of the above
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