Assignment on Depreciation and Accounting for Disposal of Assets

Please answer accurately, deadline is on 2nd of November.

June 30 E10.9 (LO 3) Presented below are selected transactions at Ridge Company for 2020, Journalize entries for disposal of plant assets. Jan Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 on that date. It had a useful life of 10 1 years with no salvage value. Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000 Dec Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $33,000. It was depreciated based on a 5-year useful 31 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. Ridge Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2019.) E10,10 (LO 3) Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017 It has been depreciated using the straight- line method based on estimated salvage value of $6.000 and an estimated useful life of 5 years. Journalize entries for disposal of equipment Instructions Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations a. Sold for $31,000 on January 1, 2020 b. Sold for $31.000 on May 1, 2020