Pine Company had the following assets on January 1, 2017. During 2017, each of the assets was
Question:
Pine Company had the following assets on January 1, 2017.
During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,000. The truck was discarded on December 31.
Instructions
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016.
Transcribed Image Text:
Purchase Date Useful Life (in years) Slge Value Item Cost Machinery $71,000 Jan. 1, 2007 10 $ -0 Forklift Truck 0,000 Jan. 1, 2014 33,400 Jan. 1, 2012 3,000
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Jan 1 Accumulated DepreciationEquipment 71000 Equipment 71000 June 30 Depreciation Exp...View the full answer
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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