Pine Company had the following assets on January 1, 2017.

During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,000. The truck was discarded on December 31.

Instructions

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straightline depreciation. All depreciation was up to date as of December 31, 2016.

Loss on truck disposal

$10,600

Record property, plant, and equipment transactions; prepare partial balance sheet.