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Prepare journal entries to update depreciation

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Question - Alpha Corporation owns machinery that costs Tk 10,50,000 when purchased March 1, 2014. Depreciation has been recorded 10% per year and its residual value has been detemined Tk 50,000. The useful life of the asset was initially detemined 10 years but after 2 years it is observed that it can be used 3 years more. The machinery is sold on March 1, 2018, for Tk 1,25,000. The company used diminishing balance method for their depreciation. Prepare journal entries to (i) update depreciation for 2018 and (i) record the sale.

Reference no: EM132991136

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