Presented here are selected transactions for Pine Company for 2014. Jan. 1 Retired a piece of machinery

Question:

Presented here are selected transactions for Pine Company for 2014.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $71,000 on that date and had a useful life of 10 years with no
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June 30 Sold a computer that was purchased on January 1, 2011. The computer cost $30,000 and had a useful life of 5 years with no . The computer was sold for $12,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2009. The truck cost $33,400 and was depreciated based on an 8-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. Pine 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...