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Prepare journal entry to update depreciation and record sale

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Problem 1: Ottawa Corporation owns machinery that cost P20,000 when purchased on July 1, 2016. Depreciation has been recorded at a rate of P2,400 per year, resulting in a balance in accumulated depreciation of P8,400 at December 31, 2019. The machinery is sold on September 1, 2020, for P10,500. Prepare journal entries to (a) update depreciation for 2020 and (b) record the sale.

Reference no: EM132984718

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