Sim City Corporation owns machinery that cost $20,000 when purch 1 answer below »

Sim City Corporation owns machinery that cost $20,000 when purchased on January 1, 2005. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated depreciation of $9,000 at December 31, 2007. The machinery is sold on September 1, 2008, for $10,500. Prepare journal entries to
(a) Update depreciation for 2008 and
(b) Record the sale.

 

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