Ch 9 Manual HW Handout 1. Presented here are selected transactions for Snow Company for 2018. Jan. Retired a piece of machinery that was purchased on January 1, 2008. The machine cost 1 $71,000 on that date and had a useful life of 10 years with no salvage value. June Sold a computer that was purchased on January 1, 2015. The computer cost $30,000 and 30 had a useful life of 5 years with no salvage value. The computer was sold for $12,000. Oct Discarded a delivery truck that was purchased on April 1, 2013. The truck cost $33,400 and 31 was depreciated based on an 8-year useful life with a $3,000 salvage value. Instructions: Journalize all entries required on the above dates. Snow Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2017 and company operates on a calendar year.) Tips: Determine how much depreciation would have been recorded at the time of the disposal (update ledger t-accounts to the point in time). A vecember 31, 2018. Rivera Corporation reported the following plant assets Lana Buildings $ 3,000,000 $26.500,000 Lass: Accumulated depreciation-buildings 11,925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciation-equipment 5.000.000 35.000.000 Total plant assets $52,575,000 During 2019, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May Sold equipment that cost $600.000 when purchased on January 1, 2012 The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000 July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31. 2009. No salvage value was received. - Instructions (a) Journalize the transactions. (Hint: You may wish to set up T accounts, post begin ning balances, and then post 2019 transactions.) Rivera uses straight-line deprech- ation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year use- ful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement (b) Record adjusting entries for depreciation for 2019 Hit - Assume all Egipat (0) Prepare the plant assets section of Riveral balance sheet at December 31, 201. deprecia full yeu