Use the information presented for Sim City Corporation in BE10-11, but assume the machinery is sold for

Question:

Use the information presented for Sim City Corporation in BE10-11, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to

(a) Update depreciation for 2008, and

(b) Record the sale.

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...