Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started