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Here are selected 2017 transactions of Concord Corporation. Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300
Here are selected 2017 transactions of Concord Corporation. Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300 and had a useful life of 10 years with no salvage value. June Sold a computer that was purchased on January 1, 2015. The computer cost $35,000 and had a useful life of 4 years with 30 no salvage value. The computer was sold for $4,400 cash. Dec. Sold a delivery truck for $9,450 cash. The truck cost $24,700 when it was purchased on January 1, 2014, and was 31 depreciated based on a 5-year useful life with a $4,100 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Concord Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Cash + Equipment Accum. Depr. - Equip. = + Commons Jan. 1 $ $ $ $ June 30 Dec. 31 Stockholders' Equity Retained Earnings Revenue Expense n Stock Dividend + ta $ ta
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