Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Here are selected 2022 transactions of Ayayai Corporation. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2012. The

image text in transcribed

Here are selected 2022 transactions of Ayayai Corporation. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,200 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $36,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,100 cash. Sold a delivery truck for $9,490 cash. The truck cost $24,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,800 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Ayayai 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 O for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation expense) (To record sale of computer) (To record depreciation expense) (To record sale of delivery truck)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computers Electronics And High Tech Industry Irs Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304133834, 978-1304133830

More Books

Students also viewed these Accounting questions

Question

What is a programming language?

Answered: 1 week ago