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 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 an account title |
||||
choose a transaction date |
enter an account title to record depreciation expense on forklift |
|||
enter an account title to record depreciation expense on forklift |
||||
(To record depreciation expense on forklift) | ||||
|
enter an account title to record sale of forklift on June 30 |
|||
enter an account title to record sale of forklift on June 30 |
||||
enter an account title to record sale of forklift on June 30 |
||||
enter an account title to record sale of forklift on June 30 |
||||
(To record sale of forklift) | ||||
choose a transaction date |
enter an account title to record depreciation expense on truck |
|||
enter an account title to record depreciation expense on truck |
||||
(To record depreciation expense on truck) | ||||
|
enter an account title to record sale of truck on December 31 |
|||
enter an account title to record sale of truck on December 31 |
||||
enter an account title to record sale of truck on December 31 |
||||
(To record sale of truck) |
Date | Account and explanation | Debit | Credit |
Jan 1,2022 | Accumulated Depreciation | $59,000 | |
Machinery | $59,000 | ||
(To machinery retired on Jan 1) | |||
June 30,2022 | Depreciation expenses($3,600*6/12) | $1,800 | |
Accumulated Depreciation($3,600*6/12) | $1,800 | ||
(To depreciation charged for 6 months) | |||
June 30,2022 | Cash | $10,800 | |
Accumulated Depreciation | $12,600 | ||
Gain on isposal of Forklift | $5,400 | ||
Forklift | $18,000 | ||
(To Forklift disposed with profit) | |||
Dec 31,2022 | Depreciation expenses | $2,675 | |
Accumulated Depreciation | $2,675 | ||
(To depreciation charged for year) | |||
Dec 31,2022 | Accumulated Depreciation | $16,050 | |
Loss on retiremnt | $8,350 | ||
Truck | $24,400 | ||
(To record sale of truck) | |||
Crane 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...
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...
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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 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 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...
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...
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,...
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 $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...