Presented here are selected transactions for Chen Company for 2001:

Jan. 1 Retired a piece of machinery that was purchased on January 1, 1991.

The machine cost $62,000 on that date and had a useful life of 10 years with no salvage value. «

June 30 Sold a computer that was purchased on January 1, 1998. The computer cost $35,000 and had a useful life of 7 years with no salvage value. The computer was sold for $25,000.

Dec, 31 Discarded a delivery truck that was purchased on January 1, 1997. The truck cost $27,000 and was depreciated based on an 8-year useful life with a $3,000 salvage value.

Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Chen Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2000.)