Question
Here are selected 2022 transactions of Skysong, Inc.. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost
Here are selected 2022 transactions of Skysong, Inc..
Jan. | 1 | Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,600 and had a useful life of 10 years with no salvage value. | |
June | 30 | Sold a computer that was purchased on January 1, 2020. The computer cost $38,100 and had a useful life of 3 years with no salvage value. The computer was sold for $4,900 cash. | |
Dec. | 31 | Sold a delivery truck for $9,000 cash. The truck cost $30,850 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. Skysong, 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 0 for the amounts. Do not round intermediate calculations.)
Step 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