Question

Here are selected 2017 transactions of Culver Corporation Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,100 cash. Dec. 31 Sold a delivery truck for $9.210 cash. The truck cost $24.200 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,300 salvage value Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Culver Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts)

Answer 1

Jan 1 2017 Accumulated Depredahon - Machinery ..6/300 Machinery June 30 Deprecahon Expense 4475 Accumulated Depreciahon computer ($35,800x 1/6/12) 31325 Cash – – – – – – – 4100 Accumulated Depreciahon ----- - - computer &35800 X3/4 = 26850 +4475) Gainon Disposal ... (4100,- (35800 - 31225 computer. " Dec 3) 4180 5 Depreciahon Exepenie ------- Accromulated Depreciation Truck.ro (2</200 – 3300 x1) Lors on Disposal. - ........ Accumulated Depreciation – Truck (24200'- 3300) x 415 ) Delivery Truck 7480 16720