Question

txercise 10-09 Presented below are selected transactions at Flint Company for 2020. Retired 3 une 30 Sold a computer that was purchased on January 1, 2017. The computer cost $37,500. It had a useful life of 5 years with no salvage value. The computer was sold for $13,100. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $34,500. It was depreclated based on a 6-ycar useful ife with a $3,000 savage value. oumalze all entries rcquired on the abave dates, Including entries to update deprociation, where applcabla, on assets disposod of. Flint Company uses stralght-Ine depredation. (Assume depredation Is up to date as cf Decomber 31, 2019.) (Crodit account titles are automaticaWy indented when amount is entered. Do not indent manually, Record journal entries n the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) an. 1 R plece of machinery that was purchased on January 1, 2010. The machine cost $60,600 on that date. It had a usefull Ife of 10 years with no salvage value. Date Account Titles and Explanation Debit Credit Machine To record depreciation to date of disposal) Accurmiulated Deprecetion-Equpment an on Disposal of Plant Assets To record sale of computer) Dec: 31prcation Expensa To record deprectation to date of disposal) Dec. 31 on Disposal of Plant Assets ccumulated Deprecation-Equpment To record retirement of truck)

Answer 1