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complete chart Your answer is partially correct. 1 Here are selected 2022 transactions of Swifty Company, Jan. Retired a piece of machinery that was purchased
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Your answer is partially correct. 1 Here are selected 2022 transactions of Swifty Company, Jan. Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $43,500 and had a useful life of 5 years with no salvage value. The computer was sold for $15,200 cash. Dec Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,080. It was depreciated based on a 6-year useful life with a $3,000 salvage value. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Swifty Company uses straight line depreciation (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan 1 Accumulated Depreciation Equipment 64000 Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation Equipment 64000 Equipment 64000 June 30 Depreciation Expense 4350 Accumulated Depreciation Equipment 4350 (To record depreciation to datele disposal) June 30 Cash 15200 Accumulated Depreciation Equipment 21750 Loss on Disposal of Plant Assets 6550 Equipment AU 43500 (To record sale of computer) Dec. 31 Depreciation Expense 6180 MacBook Pro Step by Step Solution
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