E9-8 Here are selected 2017 transactions of Akron Corporation.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 and had a useful life of 10 years with no salvage value.

June 30: Sold a computer that was purchased on January 1, 2015. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash

Dec. 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2014, and was depreciated based on a 5-year use-ful life with a $4,000 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation.

Machine 1 Machine 2 Double the Straight-Line Percentage 100/Useful Life = Straight Line Percentage x 2 = Double Straight-Line Percentage Year Book Value x Dep Beginning Rate of Year = Annual Depreciation Expense Accumulated Book Value Depreciation 2016 2017 2018 Machine 3 Cost - Salvage Value / Total number of units - Depreciation per unit Depreciation per unit x number of units used = Annual Depreciation Year Computation Units of Depreciation Activity X Cost/Unit = Annual Accumulated Depreciation Depreciation Expense 2016 2017 2018 Problem 9-8A (Continued) Year Book Value x Dep Beginning Rate = Annual Depreciation Expense Accumulated Book Value Depreciation of Year 2016 2017