Question
27. Below are selected 2022 transactions of Lyon Company. Instructions Journalize all entries required on the given dates, including entries to update depreciation on assets
27. Below are selected 2022 transactions of Lyon Company.
Instructions
Journalize all entries required on the given dates, including entries to update depreciation on assets disposed of, where applicable (2 journals in each case). Lyon Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) Show work.
June 30
Sold a computer that was purchased on January 1, 2019. The comouter cost $35.000. It had a useful life of 5 years with no salvage value. The computer was sold for $12,500.
Dec.31
Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,000. It was depreciated based on a 6-year useful life with a $4,000 salvage value.
27. Below are selected 2022 transactions of Lyon Company.
Instructions
Journalize all entries required on the given dates, including entries to update depreciation on assets disposed of, where applicable (2 journals in each case). Lyon Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) Show work.
June 30
Sold a computer that was purchased on January 1, 2019. The comouter cost $35.000. It had a useful life of 5 years with no salvage value. The computer was sold for $12,500.
Dec.31
Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,000. It was depreciated based on a 6-year useful life with a $4,000 salvage value.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
