Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2016. Depreciation has been recorded

Question:

Ottawa owns machinery that cost $20,000 when purchased on July 1, 2016. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2019. The machinery is sold on September 1, 2020, for $10,500. Prepare journal entries to
(a) Update depreciation for 2020
(b) Record the sale.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...