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Bramble Corporation owns machinery that cost $33,200 when purchased on January 1, 2023. Depreciation has been recorded at a rate of $4,980 per year, resulting in a balance in accumulated depreciation of $9.960 at December 31, 2024. The machinery is sold on September 1, 2025, for $21,720. (a) Prepare the journal entry to update depreciation for 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry) Account Titles and Explanation Date September 1, 2025 Debit Credit

Bramble Corporation owns machinery that cost $33,200 when purchased on January 1, 2023. Depreciation has been recorded at a rate of $4,980 per year, resulting in a balance in accumulated depreciation of $9.960 at December 31, 2024. The machinery is sold on September 1, 2025, for $21,720. (a) Prepare the journal entry to update depreciation for 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry) Account Titles and Explanation Date September 1, 2025 Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Bramble Corporation owns machinery that cost $33,200 when purchased on January 1, 2023. Depreciation has been recorded at a rate of $4,980 per year, resulting in a balance in accumulated depreciation of $9.960 at December 31, 2024. The machinery is sold on September 1, 2025, for $21,720. (a) Prepare the journal entry to update depreciation for 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry) Date September 1, 2025 Account Titles and Explanation Debit Credit
Transcribed Image Text:Bramble Corporation owns machinery that cost $33,200 when purchased on January 1, 2023. Depreciation has been recorded at a rate of $4,980 per year, resulting in a balance in accumulated depreciation of $9.960 at December 31, 2024. The machinery is sold on September 1, 2025, for $21,720. (a) Prepare the journal entry to update depreciation for 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry) Date September 1, 2025 Account Titles and Explanation Debit Credit
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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