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Prepare journal entries to update depreciation

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Question - Sheffield Corporation owns equipment that cost $63,600 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $10,600 per year, resulting in a balance in accumulated depreciation of $50,350 at December 31, 2017. The equipment is sold on July 1, 2018, for $12,720.

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

Reference no: EM132560106

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