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Question - On July 30, 2020, management decided to sell one of the plants by September 31st, 2020. The company has an August 31 fiscal year-end.
The plant's depreciation is recorded on a straight-line basis monthly.
While labeling the plant as "held-for-sale" on the 2020 financial statements, the accountant recorded depreciation expense for the month of August of $1,000.
Question: Is it correct to depreciate assets that are held for sale? Should the accountant correct the depreciation entry that was recorded? If yes, please prepare the journal entry.
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