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need accounting help Presented below are selected transactions at Cheyenne Corp. for 2020. Jan. 1 June 30 Retired a piece of machinery that was purchased
need accounting help
Presented below are selected transactions at Cheyenne Corp. for 2020. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $61.900 on that date. It had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2017. The computer cost $36,600. It had a useful life of 5 years with no salvage value. The computer was sold for $13,700. Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $38,400. It was depreciated based on a 6-year useful life with a $3.000 salvage value. Dec 31 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Cheyenne Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit Depreciation Expense 61,900 Jan 1 > Equipment 61.900 June 30 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation to date of disposal) Cash June 30 Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets Equipment (To record sale of computer) Depreciation Expense Dec 31 Dec 31 Accumulated Depreciation Equipment (To record depreciation to date of disposal) Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment (To record retirement of truck)Step by Step Solution
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