Brief Exercise 10-15 Shamrock Corporation owns machinery that cost $24,000 when

Question

Brief Exercise 10-15 Shamrock Corporation owns machinery that cost $24,000 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,880 per year, resulting in a balance in accumulated depreciation of $10,080 at December 31, 2017. The machinery is sold on September 1, 2018, for $6,240 vea,resutingina 1 2013, 6,2 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Round answers to O decimal places, e.g. 5,275. Credit account titles are 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 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journal entry :

No accounts & Explanation debit credit (a) Depreciation expense (2880*8/12) 1920 Accumlated depreciation 1920 (b) Cash 6240 Accumlated depreciation (10080+1920) 12000 Loss on Sale of Machine 5760 Machine 24000

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