Exercise 9-8

Here are selected 2017 transactions of Novak Corporation.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,400 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 $35,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,700 cash. Dec. 31 Sold a delivery truck for $9,500 cash. The truck cost $24,100 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,300 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Novak Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit Choose a transaction date Jan. 1 Dec. 31 June 30 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 1 Dec. 31 June 30 Enter an account title to record depreciation expense for 2017 Enter a debit amount Enter a credit amount Enter an account title to record depreciation expense for 2017 Enter a debit amount Enter a credit amount (To record depreciation expense for 2017) Enter an account title to record sale of computer Enter a debit amount Enter a credit amount Enter an account title to record sale of computer Enter a debit amount Enter a credit amount Enter an account title to record sale of computer Enter a debit amount Enter a credit amount Enter an account title to record sale of computer Enter a debit amount Enter a credit amount (To record sale of computer) Choose a transaction date June 30 Dec. 31 Jan. 1 Enter an account title to record depreciation expense for 2017 Enter a debit amount Enter a credit amount Enter an account title to record depreciation expense for 2017 Enter a debit amount Enter a credit amount (To record depreciation expense for 2017) Enter an account title to record sale of delivery truck Enter a debit amount Enter a credit amount Enter an account title to record sale of delivery truck Enter a debit amount Enter a credit amount Enter an account title to record sale of delivery truck Enter a debit amount Enter a credit amount Enter an account title to record sale of delivery truck Enter a debit amount Enter a credit amount (To record sale of delivery truck)