Journalize entries for disposal E10-9 Presented below are selected transactions at Ridge Company for 2017. of plant assets. (LO 3) Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2014. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Instructions Journalize all entries required on the above dates, including entries to update deprecia- tion, where applicable, on assets disposed of. Ridge Company uses straight-line deprecia- tion. (Assume depreciation is up to date as of December 31, 2016.) Journalize entries for disposal E10-10 Pryce Company owns equipment that cost $65,000 when purchased on January 1, of equipment. 2014. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. (LO 3) Instructions Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $31,000 on January 1, 2017. (b) Sold for $31,000 on May 1, 2017. (c) Sold for $11,000 on January 1, 2017. (d) Sold for $11,000 on October 1, 2017.