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i need help w 7 and 8 Question 7) Presented here are selected transactions for Hamid Company for 2021. Jan. 1 Retired a piece of
i need help w 7 and 8 Question 7) Presented here are selected transactions for Hamid Company for 2021. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2011. The machine cost $93,000 on that date and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2018. The computer cost $30,000 and had a useful life of 6 years with no salvage value. The computer was sold for $17,000. Oct. 1 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $34,200 and was depreciated based on an 8-year useful life with a $3,000 salvage value. Instructions: Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Hamid Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2020) Question 8) These are selected 2021 transactions for Darlene Corporation: Apr. 1 Purchased copyright for S120,000. The copyright has a useful life of 8 years and a remaining Legal life of 30 years. Sept. I. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $45,000 Dee, I Purchased a small company and recorded goodwill of S150.000. Its useful life is indefinite. Instructions Prepare ali adjusting entries at December 31 to record amortization required by the events
i need help w 7 and 8
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