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Ottawa corporation owns machinery that cost

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Reference no: EM131118012

1. Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2007. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2010. The machinery is sold on September 1, 2011, for $10,500. Prepare journal entries to

(a) Update depreciation for 2011 and

(b) Record the sale.

Reference no: EM131118012

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