Business, 10.11.2020 17:00, elias37

Monty Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,168 per year, resulting in a balance in accumulated depreciation of $11,088 at December 31, 2020. The machinery is sold on September 1, 2021, for $13,860. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

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Monty Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has...