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ABC Corporation owns machinery that cost SAR 10,000 purchased on July 1, 2017. Depreciation recorded at a rate of SAR 1,000 per year, resulting in
ABC Corporation owns machinery that cost SAR 10,000 purchased on July 1, 2017. Depreciation recorded at a rate of SAR 1,000 per year, resulting in a balance in accumulated depreciation of SAR 3,500 at December 31, 2020. The machinery sold on September 1, 2021, for SAR 7,500 Cash.
Prepare journal entries to
- Record journal entry to update depreciation for 2021
- Record the entry on sales
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