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Prepare the journal entries to update depreciation

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Question - Oriole Company sells office equipment on July 31, 2017, for $20,280 cash. The office equipment originally cost $78,950 and as of January 1, 2017, had accumulated depreciation of $38,410. Depreciation for the first 7 months of 2017 is $4,410. Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment.

Reference no: EM132711254

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