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THANK U FOR THE HELP pls make sure they are right :)))) Pine Company had the following assets on January 1, 2017. Useful Life Item
THANK U FOR THE HELP pls make sure they are right :))))
Pine Company had the following assets on January 1, 2017. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $71,000 Jan. 1, 2007 orkift 30,000 Jan. 1, 2014 10 $0 Truck 33,400 Jan. 1, 2012 8 3,000 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,000. 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. AllI depreciation was up to date as of December 31, 2016. (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) Date Account Titles and Explanation Debit Credit To record depreciation expense on forklift) June 30 (To record sae of forklift) (To record depreciation expense on truck) Dec. 31 (To record sale of truck)Step by Step Solution
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