STEP 1: Eliminate the equipment from the asset account

Dunboyne Manufacturing Ltd purchased an item of equipment on the 2nd January 2009 paying €200,000 by cheque. The equipment has been in use for a number of years and management have taken the decision to discontinue using the equipment. They sold the equipment on the 1st of December 2013 receiving a cheque for €35,000.

Tick which ledger accounts need to be updated.

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