Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Crane Corporation. Jan. 1 June 30 Retired a piece of furniture that was purchased on January 1, 2008. The furniture cost $63,640 and had a useful life of 10 years with no residual value Sold equipment that w Sold equipment that was purchased on January 1, 2016. The equipment cost $37,860 and had a useful life of 3 years with no residual value. The equipment was sold for $4,820 cash. Sold a vehicle for $8,580 cash. The vehicle cost $26,020 when it was purchased on January 1, 2015, and was depreciated based on a 5-year useful life with a $2,900 residual value. Dec. 31 Crane Corporation uses straight-line depreciation. Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Accumulated Depreciation - Furniture 63640 OK Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Crane Corporation. Jan. 1 June 30 Retired a plece of furniture that was purchased on January 1, 2008. The furniture cost $63,640 and had a useful life of 10 years with no residual val Sold equipment that was purchased on January 1, 2016. The equipment cost $37,860 and had a useful life of years with no residual value. The equipment was sold for $4,020 cash. Sold a vehicle for $8,580 cash. The vehicle cost $26,020 when it was purchased on January 1, 2015, and was depreciated based on a 5-year useful with a $2,900 residual value. Dec. 31 Crane Corporation uses straight-line depreciation Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. In is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Credit Accumulated Depreciation - Furniture - 993 Furniture 63640 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense.) (To record depreciation expense.) June 30 Accumulated Depreciation - Equipment Loss on Disposal Cash Equipment (To record the sale of equipment.) Dec. 31 Depreciation Expense Accumulated Depreciation - Vehicles (To record depreciation expense.) Dec. 31 Accumulated Depreciation - Vehicles IO Cash Vehicles DPP Gain on Disposal OK Equipment (To record the sale of equipment.) Dec. 31 Depreciation Expense Accumulated Depreciation - Vehicles (To record depreciation expense.) ii ni NDO Dec. 31 Accumulated Depreciation - Vehicles Cash Vehicles Gain on Disposal (To record sale of vehicle.)
