Question
Swifty Corporation owns machinery that cost $27,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,264 per year, resulting
Swifty Corporation owns machinery that cost $27,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,264 per year, resulting in a balance in accumulated depreciation of $11,424 at December 31, 2020. The machinery is sold on September 1, 2021, for $7,072.
Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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Quantitative Methods For Business
Authors: Donald Waters
5th Edition
273739476, 978-0273739470
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