Presented below are selected transactions at Tomas Company for 2014. Jan. 1 Retired a piece of machinery

Question:

Presented below are selected transactions at Tomas Company for 2014.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful life of 10 years with no .
June 30 Sold a computer that was purchased on January 1, 2011. The computer cost $40,000. It had a useful life of 5 years with no . The computer was sold for $14,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 .

Instructions
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tomas Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.)

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...