intro to finacial accounting chapter 7

Exercise 7-8 Here are selected 2017 transactions of Sheffield Corporation. lan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,800 and had a u o eful ife of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2015. The computer cost $36,600 and had a useful life of 4 years with no salvage value. 31 Sold a delivery truck for $9,080 cash. The truck cost $24,000 when n it was purchased on January 1, 2014, and was depreciated based on a 5 year useful life with a $3,700 he above dates. Update depreciation on assets disposed of, where applicable. Sheffield Corporation uses straight-line depreciatio transaction causes a decrease in Assets, I that was reduced.) or Stockholders Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asser, t Liabilities+ Stockholders' Equity Retained Earnings Cash + Equipment Accum. Depr. Equip. + Common StockRevenue an. 1 June 30 Depreciation expense