View Policies Current Attempt in Progress Here are selected 2022 transactions of Blossom Corporation Jan. 1 June 30 Retired a piece of furniture that was purchased on January 1, 2012. The furniture cost $49,600 and had a useful life of 10 years with no residual value. Sold equipment that was purchased on January 1, 2020. The equipment cost $31,200 and had a useful life of 3 years with no residual value. The equipment was sold for $4,000 cash. Sold a vehicle for $7.200 cash. The vehicle cost $20,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $2.400 residual value. Dec. 31 Blossom Corporation uses straight-line depreciation. Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit V o View Policies Current Attempt in Progress The monthly depreciation expense of $600, using the straight-line method, is recorded on a truck that was purchased for $27,000 and has a $3,000 estimated residual value. The annual depreciation rate is O 27% O 25% O 30% O 33% Attempts: 0 of 1 used Submit Answer Save for Later ho 0 ORA View Policies Current Attempt in Progress Snow Birds Cabs owns taxis that cost $100,000 when purchased. It is estimated that the taxis will be able to be driven for a total of 10 years. The company depreciates the vehicles using the diminishing-balance depreciation method using double the straight-line rate. The taxis have an estimated residual value of $10,000. The amount that will be charged for the second year's depreciation will be O $16,000 O $9,000 O $14,400. $8,200 Save for Later Attempts: 0 of I used Submit Answer 2 o search View Policies Current Attempt in Progress Grasshopper Builders sold a machine on January 1, 2022, for $56,000. The machine was originally purchased on January 1, 2018 for $175,000. At that time, the machine was estimated to have a useful life of 8 years and a residual value of $7,000. Assuming the company uses straight-line depreciation, and that depreciation has been recorded up to December 31- the company's year-end, what would be the journal entry to record the sale of the machine on January 1, 2022? O Cash 56,000 84,000 Accumulated Depreciation Loss on Sale of Machine Machine 35.000 175,000 56,000 87,500 Cash Accumulated Depreciation Loss on Sale of Machine Machine 31 500 175.000 O Cash Loss on Sale of Machine Machine 56,000 119.000 175.000 Cash 56,000 6 o search