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Prepare journal entries to update depreciation

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Question - Riverbed Corporation owns machinery that cost $24,800 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,976 per year, resulting in a balance in accumulated depreciation of $10,416 at December 31, 2017. The machinery is sold on September 1, 2018, for $13,020.

Required - Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale.

Reference no: EM132529463

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