Equipment acquired at a cost of $126,000 and has a book value of $42,000. Journalize the disposal of equipment under the following independent assumptions. Identify each assumption by letter.
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(a)
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The equipment had no market value and was discarded.
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(b)
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The equipment is sold for $53,000.
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(c)
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The equipment is sold for $27,000.
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(d)
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The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance.
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