Presented below are selected transactions for Lumber Mill Company for 2021. Jan. 1 Sold a machinery for $12,000 that was purchased on January 1, 2013. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. April 30 Retired an equipment that was purchased on Jan 1, 2017. The equipment cost $65,000, and had a useful life of 5 years with no salvage value of $5,000 Dec 31 Discarded a business automobile that was purchased on Jan 1, 2016. The car cost $27,000 and was depreciated on a 6-year useful life with no salvage value REQUIRED: Journalize all entries required as a result of the above transactions. Lumber Mill Company uses the straight-line method. 2:42 nal E FESTION 110 MARKS recent years Town Pe purchased three delivery trude Berg nover in the accounting department adient outcted the deprecat thod for each delivery truck, and various methods were selected format ncerning the delivery trucosis summarted below. Purchase Date Jan 1, 2019 Jan L 2019 Sept 1.2020 Resideal Value 2000 5000 6.500 1 2 3 Cost 155.000 82.000 96. SOO Useful Life Depreciation in Years Method 5 Limits of activity 10 Declining balan 5 Straight-line the declining balance method, the company uses the double-declining rate. For s-of-activity method, totalmiles are expected to be 180,000. Actual miles of use Wirst 3 years were 2019,34,000: 2020. 46.000; and 2021, 48,000. UIRED: pute the amount of depreciation expense accumulated depreciation, and book value delivery truck from December 31, 2019, 2020 and 2021. o Send a chat