Question 5 of 8 -71 Ill View Policies Current Attempt in Progress Presented here are selected transactions for Oriole Limited for 2021. Oriole uses straight-line depreciation and records adjusting entries annually Jan 1 Sept. 1 Sold a delivery truck for $17,150 cash. The truck cost $56,860 when it was purchased on January 1, 2018, and was depreciated based on a four-year useful life with a $5,820 residual value Sold computers that were purchased on January 1, 2019. They cost $11.403 and had a useful life of three years with no residual value. The computers were sold for $480 cash Retired equipment that was purchased on January 1, 2012. The equipment cost $145,000 and had a useful life of 10 years with no residual value. No proceeds were received Dec 30 (a) Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Enoy for the account tities and enter for the amounts) Debit Credit Date Account Titles and Explanation Jan G 1 17.150 Accumulated Depreciation. Vehicles lost on seal Vehicles 56.60 Sept 1 (To record depreciation expense) 1 To record the sale of equipment for cash) Der 30 To record depreciation expense) 30 (To record the retirement of apment) Textook and Me For the year ended December 31, 2021, Carla Vista Ltd, had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $1.2 million paying $299 600 cash and signing a mortgage payable for the balance. The site had an old building on it and the fair values of the land and building were $1.0 million and $97.800. respectively. The old building will be demolished and a new apartment building will be constructed on the site Paid legal fees of $22,920 on the real estate purchase of February 7. Paid $59.320 to demolish the old building and make the land ready for the construction of the apartment building Received $17.570 from the sale of material from the demolished building Paid $4,000 to grade the land in preparation for the construction of the apartment building Mar2 Pald architect fees of $64.890 to design the apartment building July 2 The full cost for construction of the apartment building was $2.7 million. Paid $701,390 cash and signed a bank loan payable for the balance Purchased a one year Insurance policy on the finished building for $10.380 Aug 29 Paid $48.730 for the paving of sidewalks and a parking lot for the building 9 15 16 28 3 (a) Record the above transactions. (List all debit entries before credit entries. Credit accounttiles are automatically indent when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account ttles and enter for the amounts Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Cred > > >
