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Presented below are selected transactions for Betty Ltd during the year 2022. April 30 Sold a printer for $25,000 that was purchased on 1 January
Presented below are selected transactions for Betty Ltd during the year 2022. April 30 Sold a printer for $25,000 that was purchased on 1 January 2019 . The printer cost $90,000, and had a useful life of 5 years with no residual value. May 31 Sold a machine for $24,000. In January 2018, Betty Ltd paid $33,000 to acquire the machine, which had a useful life of 10 years and a residual value of $3,000. Dec. 31 Scrapped a truck that was purchased on 31 December 2012. The truck cost $55,000 on that date, and had a useful life of 10 years with no residual value. Required: Ignore GST. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Betty Ltd uses straight-line depreciation method. The reporting period ends on 31 December
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