View Policies Current Attempt in Progress Blossom Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value Item Cost Machinery $81,000 Forklift 40,000 Truck 46,400 Purchase Date Jan 1, 2012 Jan 1, 2019 Jan 1, 2017 3,000 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 $13,000. 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. 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 for the amounts.) Ses/26964/assignments/25869237modulestemd=97 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 Ofor the amounts.) WERDEN Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation Equipment 81000 Equipment 30 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on forklift) June 30 Cash Accumulated Depreciation-Equipment Equipment June 30 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of forklift) Depreciation Expense Dec. 31. Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment View Policies Current Attempt in Progress Blossom Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value Item Cost Machinery $81,000 Forklift 40,000 Truck 46,400 Purchase Date Jan 1, 2012 Jan 1, 2019 Jan 1, 2017 3,000 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 $13,000. 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. 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 for the amounts.) Ses/26964/assignments/25869237modulestemd=97 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 Ofor the amounts.) WERDEN Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation Equipment 81000 Equipment 30 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense on forklift) June 30 Cash Accumulated Depreciation-Equipment Equipment June 30 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of forklift) Depreciation Expense Dec. 31. Accumulated Depreciation-Equipment (To record depreciation expense on truck) Dec. 31 Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment
