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Please journalize the entries:

Disposition of Assets: Journalizing Required: 1. Prepare general journal entries for the transactions. If an amount box does not require an entry, leave it blank. Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of $2,820 and accumulated depreciation of $2,820, was discarded. 8 Motor #8, which had a cost of $4,440 and accumulated depreciation of $4,060, was sold for $210 14 Motor #16, which had a cost of $5,740 and accumulated depreciation of $5,490, was sold for $550. 2. Assets exchanged or traded in: Motor #6, which had a cost of $6,110 and accumulated depreciation of $4,970, was traded in for a new motor (#22) with a fair market value of $7,120. The old motor and $5,790 in cash were given for the new motor. Motor #9, which had a cost of $5,430 and accumulated depreciation of $4,940, was traded in for a new motor (#23) with a fair market value of $6,480. The old motor and $6,230 in cash were given for the new motor. Feb. 1 9

Please calculate the depreciation:

1. Calculate the depreciation expense for Johnson Machine as of December 31, 20-- 2. Prepare the entry for depreciation expense using a general journal. If an amount box does not require an entry, leave it blank Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of assets acquired by the fteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after the fifteenth day of the month, no depreciation hould be considered for the month in which the asset was acquired Salvage Date Purchase Price $18,780 22,440 18,050 13,720 38,820 Asset Useful Life Value Purchased Truck #1 Truck #2 Tractor #1 Tractor #2 Forklift 8 years $3,900 January 1 3,880 April 10 2,900 May 1 1,960June 18 4,020 September 1 10 Calculations 1. Calculate the depreciation expense for Johnson Machine as of December 31, 20--General Journal 2. Prepare the entry for depreciation expense using a general journal. If an amount box does not require an entry, leave it blank. DOC. POST No. REF, DEBIT CREDIT DATE ACCOUNT TITLE Depreciation Expense-Equipment Accumulated Depreciation-Equipment 1 20- Dec. 31 Page: 1

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Answer #1

The answer has been presented in the supporting sheets. All the journal enteries has been passed and posted and depreciation has been also calculated as per data in question and journal entry has been passed for depreciation. For detailed answer refer the supporting sheets.

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