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solve the blanks Crane Company had the following assets on January 1, 2025. During 2025, each of the assets was removed from service. The machinery
solve the blanks Crane Company 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 $10,800. 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 31,2024. (List all debit entries before credit entries. Credit account titles are automotically 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.) Date Account Titles and Explanation Debit Credit Jan1 Equipment: June 30 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on forklift) Jume 30 Cash 10800 Accumulated Depreciation-Equipment Equipment 18000 (To record sale of forklift) Dec. 31 Depreciation Expense 2675 June 30 Cash 10800 Accumulated Depreciation-Equipment Equipment 18000 (To record sale of forklift) Dec 31 Depreciation Expense 2675 Accumulated Depreciation-Equipment 2675 (To record depreciation expense on truck) Dec 31 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment 24400 (To record disposal of truck)
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