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  3. brief exercise 1014 elue corporation owns machinery that cost 24800...

Question: brief exercise 1014 elue corporation owns machinery that cost 24800...

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Brief Exercise 10-14 elue Corporation owns machinery that cost $24,800 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,976 per year, resulting in a balance in accumulated depreciation of $10,416 at December 31, 2017. The machinery is sold on September 1, 2018, for $13,020. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts.) account titles are automatically indented when amount is entered. Do not No. Account Titdles and Explanation Debit Credit b) SHOW LIST OF ACCOUNTS LINK TO TEXT
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Trucks Buildings Cash Common Stock Contribution Revenue Cost of Goods Sold Depreciation Expense Direct Labor Discount on Notes Payable Equipment Factory Overhead Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Trucks Insurance Expense Interest Expense Inventory Land Land Improvements Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Trucks Machinery Maintenance and Repairs Expense Materials No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Prepaid Insurance Retained Earnings Salaries and Wages Expense Sales Revenue Trading Securities Trucks
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