Question
Sandhill Co. had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $79,000Jan. 1, 201210$ 0
Sandhill Co. had the following assets on January 1, 2022.
ItemCostPurchase DateUseful Life (in years)Salvage Value
Machinery
$79,000Jan. 1, 201210$ 0
Forklift
38,000Jan. 1, 201950
Truck
44,400Jan. 1, 201783,000
During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,800. The truck was discarded on December 31.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date Jan. 1June 30Dec. 31
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date Jan. 1June 30Dec. 31
enter an account title to record depreciation expense on forklift
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