Ottawa Corporation owns machinery that cost ($20),000 when purchased on July 1, 2012. Depreciation has been recorded
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Ottawa Corporation owns machinery that cost \($20\),000 when purchased on July 1, 2012. 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, 2015. The machinery is sold on September 1, 2016, for \($10\),500. Prepare journal entries to
(a) update depreciation for 2016 and
(b) record the sale.
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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