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Sheridan Company had the following assets on Jamuary 1,2022. During 2022, each of the assets was removed from service. The machinery was retired on January
Sheridan Company had the following assets on Jamuary 1,2022. 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 $11,300. The truck was discarded on December 31. Joumalize ali entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-ine depreciation, All depreciation was up to date as of December 31, 2021. (Credit occount tities are outomatically indented when the ampunt is entered. Do not lindent manuolly. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (To record depreciation expense on forklift) \begin{tabular}{l} June 30 Cash \\ Accumulated Depreciation-Equipment \\ \hline \end{tabular} 11300 Gain on Disposal of Land Equipment June 30 Cash Accumulated Depreciation-Equipment 16100 Gain on Disposal of Land Equipment (To record sale of forklift) Accumulated Depreciation-Equipment (To record depreciation expense on (ruck) Dec 31 Loss on Disposal of Plant Assets Accumulated Depreciation-Equipment Equipment Gain on Disposal of Land Equipment (To record sale of forklift) Dec.31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec31 Loss on Disposal of Plant Assets Accumulated Depreclation-Equipment Equipment (To record sale of truck)
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