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Presented below are selected transactions for Mascot Ltd during the year 2019. 1 Jan Sold computers that was purchased on 1 July 2015. The computers
Presented below are selected transactions for Mascot Ltd during the year 2019. 1 Jan Sold computers that was purchased on 1 July 2015. The computers cost $24,000, had a useful life of 8 years with no residual value. The computers were sold for $12,000 cash. June 30 Sold a vehicle for $33,000 on cash that was purchased on 1 July 2013. The vehicle cost $54,000 and was depreciated based on a 10-year useful life with a $9,000 residual value. Dec. 31 Scrapped machinery that was purchased on 1 January 2014. The machine cost $36,000 and had a useful life of 6 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. Mascot Ltd uses straight-line depreciation method. The reporting period ends on 31 December. Narrations are not required
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