Pass journal entries for year one and year two, Financial Accounting

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Pass journal entries for year one and year two

Problem

ABC incorporation decides to charge depreciation on its assets. The cost of its asset was $100000. In year 1 it charged depreciation $ 10000 and the same in year 2. But ABC has to suddenly wind up all its business. Thus at the end of year 2 it sells its asset for $ 30000 only. Pass journal entries for year 1 and year 2.

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Financial Accounting: Pass journal entries for year one and year two

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