Question 2 Flint Corporation owns machinery that cost $28,400 when purchased on

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Question 2 Flint Corporation owns machinery that cost $28,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $3,408 per year, resulting in a balance in accumulated depreciation of $11,928 at December 31, 2017. The machinery is sold on September 1, 2018, for $7,384. pare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Round answers to O decimal places, eg, S275. dit account titles automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit

Explanation / Answer

CR

Calculation Of Depreciation :

Full year Depreciation 3408

Depreciation for 8 months 3408*(8/12)

2272

Flint Corporation Journal Date Description DR

CR

1/9/2018 Depreciation A/c                                        Dr 2272       To Accumulated Depreciation 2272 ( Being Depreciation charged to accumulated Depreciation A/c) 1/9/2018 Bank A/c Dr 7348 Accumulated Depreciation A/c         Dr 14200 Loss on sale of machinery Dr 6852 To Machinery A/c 28400 (Being Asset sold for loss)

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