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Additionally, for each row determine if it is a research and development expense, gain on disposal, amortization expense, depreciation expense, or a loss on disposal.
Additionally, for each row determine if it is a research and development expense, gain on disposal, amortization expense, depreciation expense, or a loss on disposal.
Here are selected 2022 transactions of Pronghorn Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $35,400 and had a useful life of 4 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $9,280 cash. The truck cost $25,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,700 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Pronghorn Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Cash + Equipment Accum. Depr.- Equip. Jan. 1 $ $ | $ June 30 Dec. 31 Stockholders' Equity Retained Earnings Revenue Expense $ Common Stock Dividend $ $ $ $ $Step by Step Solution
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