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How do prepare journal entries to update depreciation

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Reference no: EM132752030

Sweet Corporation owns machinery that cost $22,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,760.

Problem 1: Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

Reference no: EM132752030

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