Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented here are selected transactions for Pine Company for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The

Presented here are selected transactions for Pine Company for 2014.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $68,300 on that date and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2011. The computer cost $25,600 and had a useful life of 5 years with no salvage value. The computer was sold for $10,240. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2009. The truck cost $47,000 and was depreciated based on an 8-year useful life with a $5,000 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Pine Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,250.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

11th Edition

978-0132568968, 9780132568968

More Books

Students also viewed these Accounting questions