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Maxine Company purchased a tractor for $ 5 0 , 0 0 0 on January 1 , 2 0 2 2 and estimates it will

Maxine Company purchased a tractor for $

50, 000

on January

1, 2022

and estimates it will have a useful life of

10

years with a salvage value of $

5, 000 .

Maxine Company retires the tractor on January

1, 2024 .

Provide the correct journal entry to record the retirement of the tractor, assuming Maxine Company uses straight

-

line depreciation.

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