Exercise 9-8

Here are selected 2017 transactions of Akron Corporation.

Jan. 1Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000and had a useful life of10years with no salvage value.June 30Sold a computer that was purchased on January 1, 2015. The computer cost $36,000and had a useful life of3years with no salvage value. The computer was sold for $5,000cash.Dec. 31Sold a delivery truck for $9,000cash. The truck cost $25,000when it was purchased on January 1, 2014, and was depreciated based on a5-year useful life with a $4,000salvage value.