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Prepare the journal entries to update depreciation

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Problem - Blossom Company sells office equipment on July 31, 2022, for $23,730 cash. The office equipment originally cost $79,700 and as of January 1, 2022, had accumulated depreciation of $36,130. Depreciation for the first 7 months of 2022 is $4,970. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment.

Reference no: EM133035569

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