Sunland corporation owns machinery that cost $27,200 when purchased on july 1, 2017. depreciation has been recorded at a rate of $3,264 per year, resulting in a balance in accumulated depreciation of $11,424 at december 31, 2020. the machinery is sold on september 1, 2021, for $14,280.prepare journal entries to (a) update depreciation for 2018 and (b) record the sale.

Explanation:

The journal entries are shown below:

a. Depreciation Expense A/c Dr $2,176

        To Accumulated Depreciation - Machinery  A/c $2,176

(Being depreciation expense is recorded)

The depreciation expense is calculated for eight months (January - August)

b. Cash A/c Dr $14,280

    Accumulated Depreciation - Machinery  A/c $13,600

            To Machinery A/c $27,200

            To Gain on Disposal of Machinery  $680

(Being sale of machinery is recorded and the remaining balance is credited to the Gain on Disposal of Machinery  A/c)

The accumulated depreciation is computed below:

= $11,424 + $2,176

= $13,600

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