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Puestion 7) Presented here are selected transactions for Loving Accounting Company for 2023. Jan. 1 Retired a piece of machinery that was purchased on January

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Puestion 7) Presented here are selected transactions for Loving Accounting Company for 2023. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2013. The machine cost $99,000 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, 2020. The computer cost $60,000 and had a useful life of 6 years with no salvage value. The computer was sold for $17,000. Nov. 1 Discarded a delivery truck that was purchased on January 1, 2020. The truck cost $34,200 and was depreciated based on an 8-year useful life with a $3,000 salvage value. Instructions: Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Loving Accounting Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31,2022 )

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