Volumetrics Corporation owns machinery that cost $20,000 when purchased on January 1, 2020. Depreciation has been recorded

Question:

Volumetrics Corporation owns machinery that cost $20,000 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated depreciation of $6,000 at December 31, 2021. The machinery is sold on September 1, 2022, for $13,500. Prepare journal entries to

(a) Update depreciation for 2022

(b) Record the disposal.

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...

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