Question
Here are selected 2017 transactions of Flint Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost
Here are selected 2017 transactions of Flint Corporation. Jan. 1 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. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for $4,600 cash. Dec. 31 Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,500 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Flint Corporation uses straight-line depreciation.
Exercise 9-8 Here are selected 2017 transactions of Flint Corporation. Jan. June 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 $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for $4,600 cash. Dec. Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life 31 with a $3,500 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Flint 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 Credit Jan. 1 Accumulated Depreciation-Equipment 61900 Equipment 61900 June 30Depreciation Expense Accumulated Depreciation-Equipment To record depreciation expense for 2017) Accumulated Depreciation-Equipment Cash Loss on Disposal of Plant AssetsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started