Question
Jan.1Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,350 on that date. It had a useful life of10
Jan.1Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,350 on that date. It had a useful life of10 years with no salvage value.June30Sold a computer that was purchased on January 1, 2011. The computer cost $37,620. It had a useful life of5 years with no salvage value. The computer was sold for $15,960.Dec.31Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $43,550. It was depreciated based on a6-year useful life with a $2,330 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.)(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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