August 1, 2023 Josie’s Jeans purchased a new machine for $80…
August 1, 2023 Josie’s Jeans purchased a new machine for $80,000 in cash. Josie’s uses straight-line depreciation and expects the machine to have a 10 year useful life with a salvage value of $10,000. On January 1, 2026 Josie’s sold the machine for $5,000 cash. For December 31, 2023 when the journal entry is prepared, what is the impact on the Accumulated Depreciation account?
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