Business, 13.01.2021 17:20, deannajd03

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