Use the information presented for Ottawa Corporation in BE10.14, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to

(a) Update depreciation for 2021

(b) Record the sale.

In BE10.14

Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2017. 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, 2020. The machinery is sold on September 1, 2021, for $10,500. Prepare journal entries to