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Here are selected 2022 transactions of Larkspur, Inc... Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1,
Here are selected 2022 transactions of Larkspur, Inc... Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 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 $35,400 and had a useful life of 3 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $10,000 cash. The truck cost $31,050 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Larkspur, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Date Account Titles and Explanation Jan. 1 Cash June 30 (To record depreciation to date of disposal) Accumulated Depreciation-Machin Jan. 1 (To record sale of computer) (To record depreciation to date of disposal) Debit Credit Jan. 1 (To record sale of computer) Dec. 31 (To record depreciation to date of disposal) Depreciation Expense Accumulated Depreciation-Equipment (To record retirement of truck)
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