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Presented below are selected transactions at Blossom Company for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1,2009.The machine cost
Presented below are selected transactions at Blossom Company for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1,2009.The machine cost $61700 on that date. It had June 30 Sold a computer that was purchased on January 1,2016. The computer cost $42000. It had a useful life of 5 years Dec. 31 Discarded a delivery truck that was purchased on January 1,2015. The truck cost $39540. It was depreciated based a useful life of 10 years with no salvage value. with no salvage value. The computer was sold for $14500. on a 6-year useful life with a $3000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Blossom Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31,2018.) (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 O for the amounts. Do not round intermediate calculations.) Account Titles and Explanation Credit Date Debit Accumulated Depreciation-Machine 61700 Jan. 1 61700 Machine June 30 Depreciation Expense 4200 Accumulated Depreciation-Equipment 4200 (To record depreciation to date of disposal) To record depreciation to date of disposal) June 30 Accumulated Depreciation-Equipment 29400 Cash 14500 Equipment 42000 Gain on Disposal of Plant Assets 1900 (To record sale of computer) Dec. 31 Depreciation Expense 6090 Accumulated De preciation-Truck 6090 To record depreciation to date of disposal) 36540 Dec. 31 Accumulated De preciation-Truck Loss on Disposal of Plant Assets 3000 39540 Truck To record retirement of truck)
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