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Presented below are selected transactions at Tongun Ltd for the 2013-20 14 financial year. July 1 2013 Retired a piece of machinery that was purchased
Presented below are selected transactions at Tongun Ltd for the 2013-20 14 financial year. July 1 2013 Retired a piece of machinery that was purchased on 1 July 2003. The machine cost $62 000 on that date. It had a useful life of 10 years with no residual value. Jan. 1 2014 Sold a computer that was purchased on 1 July 2010. The computer cost $35 000. It had a useful life of 5 years with no residual value. The computer was sold for $12 000. June 30 2014 Discarded a delivery truck that was purchased on 1 July 2009. The truck cost $33 000. It was depreciated based on a 6-year useful life with a $300 residual value. Required Journalise all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tongun Ltd uses straight-line depreciation. ( Assume depreciation is up to date as of 30 June 2013.)
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