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 $61,020 on that date. It had a useful life of 10 years with no salvage value. | |
June | 30 | Sold a computer that was purchased on January 1, 2012. The computer cost $36,710. It had a useful life of 5 years with no salvage value. The computer was sold for $14,920. | |
Dec. | 31 | Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $39,290. It was depreciated based on a 6-year useful life with a $2,750 salvage value. |
Journalize all entries required on the above dates, including
entries to update depreciation, where applicable, on assets
disposed of. Ridge Company uses straight-line depreciation. (Assume
depreciation is up to date as of December 31, 2014.)
(If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Journal entries | |||||
Date | Particulars | Debit | Credit | ||
01-Jan | Accumulated depreciation | 61020 | |||
equipment | 61020 | ||||
30-Jun | Depreciation expense (36710/5)*6/12 | 3671 | |||
accumulated depreciation | 3671 | ||||
30-Jun | Cash | 14920 | |||
accumulated depreciation (7342*3)+3671 | 25697 | ||||
gain on disposal of plant assets | 3907 | ||||
equipment | 36710 | ||||
31-Dec | Depreciation expense (39290-2750)/6 | 6090 | |||
accumulated depreciation-equipment | 6090 | ||||
31-Dec | accumulated depreciation-equipment (6090*5) | 30450 | |||
loss on disposal of plant assets | 8840 | ||||
equipment | 39290 |
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