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Here are selected 2022 transactions of Cheyenne Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1,
Here are selected 2022 transactions of Cheyenne Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,600 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 $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for $4,400 cash. Sold a delivery truck for $9,200 cash. The truck cost $25,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,700 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Depreciation was last recorded on December 31, 2021. Update depreciation on assets disposed of, where applicable. Cheyenne Corporation uses straight-line depreciation. (If a Jan. 1 June 30 Dec. 31 $ +A Cash Assets +A $ Equipment +A $ Accum. Depr. - Equip. Common Stock LA Stockholders' Equity +A $ Retained Earnings Expense Revenue +A $ Dividend Research & development expense Gain on disposal Loss on disposal Amortization expense Depreciation expense
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