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Sandhill Co. had the following assets on January 1,2025. During 2025, each of the assets was removed from service. The machinery was retired on January
Sandhill Co. had the following assets on January 1,2025. During 2025, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,600. 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 31,2024 . (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 Entry" for the account titles and enter O for the amounts.) \begin{tabular}{l} Date Account Titles and Explanation \\ \begin{tabular}{|l|} \hline Jan.1 \end{tabular} Accumulated Depreciation-Equipment \\ \hline \end{tabular} 67000 June 30 Depreciation Expense (To record depreciation expense on forklift) Accumulated Depreciation-Equipment Gainon Disposal of Plant Assets Gain on Disposal of Plant Assets Equipment (To record sale of forklift) 26000 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record disposal of truck) Sandhill Co. had the following assets on January 1,2025. During 2025, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,600. 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 31,2024 . (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 Entry" for the account titles and enter O for the amounts.) \begin{tabular}{l} Date Account Titles and Explanation \\ \begin{tabular}{|l|} \hline Jan.1 \end{tabular} Accumulated Depreciation-Equipment \\ \hline \end{tabular} 67000 June 30 Depreciation Expense (To record depreciation expense on forklift) Accumulated Depreciation-Equipment Gainon Disposal of Plant Assets Gain on Disposal of Plant Assets Equipment (To record sale of forklift) 26000 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record disposal of truck)
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