Question

l Presented below are selected transactions at Ridge Company for 2015. Jan. 1 Retired a piece of machinery that was purchased on January 1. 2005. The machine cost $62.490 on that date. it had a useful life of 10 years with no savage value. June 30 Sold a computer that was purchasad on January 1, 2012. The computer cost $35,010. It had a usaful life of 3 years with no salvage value. The computer was sold for $14,000 Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $38,060. It was depreciated based on a G-year useful life with s $3.560 salvage value. Jour a ze all entres equired on he above dates, inc udng entres to update de recation where applicable on assets ddposed of, R dge Company use큐 straight-line deprec ation Assu me deprec a on select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) up o date as o December 31, 2014 IF no entryns required Date Account Titles and Credit Jan. I June 30 To record depreciation to date of disposal) June 30 TTEquipmant To record sale cf computer at a gain loss) Dec. 31 eciation Ex To racord dapraciaton to date of dispocal) Dec. 31 Accumulated of Plant 0 To record retirement of equipment at a gain/loss)

Answer 1

Jan-01	Accumulated Depreciation-Equipment	$ 62,490.00
	Equipment		$ 62,490.00
Jun-30	Depreciation Expense	$    3,501.00
	Accumulated Depreciation-Equipment		$    3,501.00
Jun-30	Cash	$ 14,000.00
	Accumulated Depreciation-Equipment	$ 24,507.00
	Gain on Disposal of Plant Assets		$    3,497.00
	Equipment		$ 35,010.00
Dec-31	Depreciation Expense	$    5,750.00
	Accumulated Depreciation-Equipment		$    5,750.00
Dec-31	Accumulated Depreciation-Equipment	$ 28,750.00
	Loss on disposal of assets	$    9,310.00
	Equipment		$ 38,060.00.