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Prepare journal entries to update depreciation

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Reference no: EM132746708

Question - Sheridan Corporation owns machinery that cost $24,800 when purchased on July 1, 2017. 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, 2020. The machinery is sold on September 1, 2021, for $6,448.

Required - Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

Reference no: EM132746708

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