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Here are selected 2017 transactions of Bramble Corporation Jan. 1 June 30 Dec 31 Retired a piece of machinery that was purchased on January 1,
Here are selected 2017 transactions of Bramble Corporation Jan. 1 June 30 Dec 31 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,900 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2015. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,300 cash. Sold a delivery truck for $9.450 cash. The truck cost $23,800 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. Bramble Corporation uses straight-line depreciation (Record entries i Date Account Titles and Explanation Debit Credit Jan. 1 V Accumulated Depreciation Equipment 61900 Equipment 61900 June 30 Depreciation Expense Accumulated Depreciation-Plant Assets (To record depreciation expense for 2017) Accumulated Depreciation-Plant Assets Cash Loss on Disposal of Plant Assets Equipment (To record sale of computer) June 30 Depreciation Expense Accumulated Depreciation-Plant Assets (To record depreciation expense for 2017) Accumulated Depreciation-Plant Assets Cash Gain on Disposal of Plant Assets Equipment (To record sale of delivery truck)
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