Question

i don't have option accumated depreciation machine/forklift/truck

CUCICA M TOTES Crane Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $82,000 Jan 1, 2012 10 $0 Forklift 5 0 41,000 47.400 Jan 1, 2019 Jan 1, 2017 Truck 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 $13,100. 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 o for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1 . Jan. 1 - (To record depreciation expense on forklift)

Answer 1

Answer-

Date	Account Titles and Explanations	Debit	Credit
Jan. 1	Accumulated depreciation-equipment	82,000
	Equipment		82,000
	(To record retirement of machinery)
June. 30	Depreciation expense	4,100
	Accumulated depreciation-equipment		4,100
	(To record depreciation expense on forklift)
June. 30	Cash	13,100
	Accumulated depreciation-equipment	28,700
	Equipment		41,000
	Gain on disposal of plant assets		800
	(To record sale of forklift)
Dec. 31	Depreciation expense	5,550
	Accumulated depreciation-equipment		5,550
	(To record depreciaiton expense on truck)
Dec.31	Accumulated depreciation-equipment	33,300
	Loss on disposal of plant assets	14,100
	Equipment		47,400
	(To record discarding of truck)

Calculations:

Annual depreciation on forklift = $41,000/ 5 years = $8,200

Partial depreciation for 6 months = $8,200 x 6/12 = $4,100

Accumulated depreciation on forklift = $8,200 x 3.5 years = $28,700

Annual depreciation on truck = ($47,400 - $3,000) / 8 years = $44,400 / 8 = $5,550

Depreciation for 2022 = $5,550

Accumulated depreciation for 6 years = $5,550 x 6 years = $33,300