Account Titles and Explanation
(To record current depreciation.)
(To record loss of the machine.)
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b.) On April 1, 2011, Chrysler sold the machine for $1,040,000 to Avanti Company.
c.) On July 31, 2011, the company donated this machine to the Mountain King City Council. The fair market value of the machine at the time of the donation was estimated to be $1,100,000.