Journalize entries for disposal E10-9B Presented below are selected transactions at Lyon Company for 2017. of plant assets LO 3) Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $75,000 on that date. It had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2014. The computer cost $35,000. It had a useful life of 5 years with no salvage value. The computer was sold for $12,500. Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $40,000. It was depreciated based on a 6-year useful life with a $4,000 sal- vage value. Jan. 1 June 30 Dec. 31 Exercises: Se Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Lyon Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2016.)