Question

Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life...

Oriole Company had the following assets on January 1, 2022.

Item Cost Purchase Date Useful Life
(in years)
Salvage Value

Machinery

$62,000 Jan. 1, 2012 10 $ 0

Forklift

21,000 Jan. 1, 2019 5 0

Truck

27,400 Jan. 1, 2017 8 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 $11,100. 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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title to record depreciation expense on forklift

enter a debit amount

enter a credit amount

enter an account title to record depreciation expense on forklift

enter a debit amount

enter a credit amount

(To record depreciation expense on forklift)
choose a transaction date

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

(To record sale of forklift)
choose a transaction date

enter an account title to record depreciation expense on truck

enter a debit amount

enter a credit amount

enter an account title to record depreciation expense on truck

enter a debit amount

enter a credit amount

(To record depreciation expense on truck)
choose a transaction date

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

0 1
Add a comment Improve this question Transcribed image text
Answer #1
Date Account titles and explanation Debit Credit
Jan 1 Accumulated depreciation- Machinery $62000
Machinery $62000
(To record sale of machinery)
Jun 30 Depreciation expense (21000/5*6/12) $2100
Accumulated depreciation- Forklift $2100
(To record depreciation expense on forklift)
Jun 30 Cash $11100
Accumulated depreciation- Forklift (21000*3/5+2100) $14700
Gain on disposal of forklift (11100+14700-21000) $4800
Forklift $21000
(To record sale of forklift)
Dec 31 Depreciation expense (27400-3000)/8 $3050
Accumulated depreciation- Truck $3050
(To record depreciation expense on truck)
Dec 31 Accumulated depreciation- Truck(27400-3000)/8*5 $15250
Loss on disposal of truck(27400-15250) $12150
Truck $27400
(To record sale of truck)
Add a comment
Know the answer?
Add Answer to:
Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Crane Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life...

    Crane Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $59,000 Jan. 1, 2012 10 $ 0 Forklift 18,000 Jan. 1, 2019 5 0 Truck 24,400 Jan. 1, 2017 8 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 $10,800. The truck was discarded on December 31. Journalize all entries required on...

  • Problem 9-03A Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date...

    Problem 9-03A Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $62,000 Jan. 1, 2012 10 $ 0 Forklift 21,000 Jan. 1, 2019 5 0 Truck 27,400 Jan. 1, 2017 8 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 $11,100. The truck was discarded on December 31. Journalize all entries...

  • Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date...

    Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 5 Truck 30,400 Jan. 1, 2017 8 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 $11,400. The truck was discarded on December 31 Journalize all entries required on the above...

  • Sandhill Co. had the following assets on January 1, 2022. Item Cost Useful Life (in years) Purchase Date Salvage Value...

    Sandhill Co. had the following assets on January 1, 2022. Item Cost Useful Life (in years) Purchase Date Salvage Value Machinery $79,000 Jan. 1, 2012 10 $0 Forklift 38,000 Jan 1, 2019 5 Truck 44,400 Jan. 1, 2017 8 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 $12,800. The truck was discarded on December 31. Journalize all entries required on the above...

  • Pharoah Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost...

    Pharoah Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $75,000 Jan. 1, 2012 10 $0 Forklift 34,000 Jan 1, 2019 5 0 Truck 40,400 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 $12,400. The truck was discarded on December 31. Journalize all entries required on the above...

  • SHOW WORK PLEASE. Sandhill Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Da...

    SHOW WORK PLEASE. Sandhill Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Salvage Value Machinery $79,000 Jan 1, 2012 10 $0 Forklift 38,000 Jan. 1, 2019 5 Truck 44,400 Jan 1, 2017 8 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 $12,800. The truck was discarded on December 31. Journalize all entries required...

  • Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage...

    Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage Value Machinery Cost $63,000 22,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 O Forklift Truck 28,400 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 $11,200. The truck was discarded on December 31. Journalize all entries required on the above dates,...

  • Blossom Company had the following assets on January 1, 2022. Item Useful Life (in years) Salvage...

    Blossom Company had the following assets on January 1, 2022. Item Useful Life (in years) Salvage Value $0 10 Machinery Forklift Truck Cost $81,000 40,000 46,400 Purchase Date Jan 1, 2012 Jan 1, 2019 Jan 1, 2017 5 0 3,000 8 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...

  • Cullumber Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value...

    Cullumber Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value Item Cost Purchase Date $0 Machinery $72,000 Jan. 1, 2012 10 Forklift 31,000 Jan. 1, 2019 0 5 Truck 37,400 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 $12,100. The truck was discarded on December 31 Journalize all entries required on the above...

  • Sandhill Co. had the following assets on January 1, 2022. Useful Life (in years) Salvage Value...

    Sandhill Co. had the following assets on January 1, 2022. Useful Life (in years) Salvage Value $0 10 Item Machinery Forklift Truck Cost 567,000 26,000 32,400 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 $11,600. The truck was discarded on December 31. Journalize all entries required on the above dates, including...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT