There are many processes in this, I am very confused.
Presented below are selected transactions at Larkspur, Inc. for
2020.
Jan. | 1 | Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,100 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, 2017. The computer cost $36,000. It had a useful life of 5 years with no salvage value. The computer was sold for $15,200. | |
Dec. | 31 | Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,440. It was depreciated based on a 6-year useful life with a $3,000 salvage value. |
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Larkspur, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.)
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 to date of disposal |
enter a debit amount |
enter a credit amount |
enter an account title to record depreciation to date of disposal |
enter a debit amount |
enter a credit amount |
|
(To record depreciation to date of disposal) |
|||
June 30 |
enter an account title to record sale of computer |
enter a debit amount |
enter a credit amount |
enter an account title to record sale of computer |
enter a debit amount |
enter a credit amount |
|
enter an account title to record sale of computer |
enter a debit amount |
enter a credit amount |
|
enter an account title to record sale of computer |
enter a debit amount |
enter a credit amount |
|
(To record sale of computer) |
|||
choose a transaction date |
enter an account title to record depreciation to date of disposal |
enter a debit amount |
enter a credit amount |
enter an account title to record depreciation to date of disposal |
enter a debit amount |
enter a credit amount |
|
(To record depreciation to date of disposal) |
|||
Dec. 31 |
enter an account title to record retirement of truck on December 31 |
enter a debit amount |
enter a credit amount |
enter an account title to record retirement of truck on December 31 |
enter a debit amount |
enter a credit amount |
|
enter an account title to record retirement of truck on December 31 |
enter a debit amount |
enter a credit amount |
|
(To record retirement of truck) |
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Larkspur, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
Jan 1 | Accumulated depreciation-Machine | 62100 | |
Machine | 62100 | ||
June 30 |
Depreciation expense (36000/5*3.5) | 3600 | |
Accumulated depreciation-Computer | 3600 | ||
(To record depreciation to date of disposal) |
|||
June 30 |
Cash | 15200 | |
Accumulated depreciation-Computer | 25200 | ||
Gain on sale of computer | 4400 | ||
Computer | 36000 | ||
(To record sale of computer) |
|||
Dec 31 | Depreciation expense (40440-3000/6) | 6240 | |
Accumulated depreciation-Truck | 6240 | ||
(To record depreciation to date of disposal) |
|||
Dec. 31 |
Accumulated depreciation-Truck | 31200 | |
Loss on disposal of truck | 9240 | ||
Truck | 40440 | ||
(To record retirement of truck) |
There are many processes in this, I am very confused. Presented below are selected transactions at...
Here are selected 2022 transactions of Swifty Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. 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, 2020. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,700 cash. Dec. 31 Sold a delivery truck for...
I need help with the calculations please Presented below are selected transactions at Whispering Winds Corp. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $61,300 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, 2016. The computer cost $36,000. It had a useful life of 5 years with no salvage value. The...
Exercise 9-10 Here are selected 2022 transactions of Ayayai Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2020. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,000 cash. Dec. 31 Sold a delivery...
Exercise 10-09 Presented below are selected transactions at Concord Company for 2020. lan 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $60,600 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, 2017. The computer cost $38,000. It had a useful life of 5 years with no salvage value. The computer was sold for $13.400 Dec...
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...
Exercise 9-9 Presented below are selected transactions at Swifty Corporation for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $61,000 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, 2016. The computer cost $35,400. It had a useful life of 5 years with no salvage value. The computer was sold for $14,600. Dec....
Exercise 9-9 Your answer is partially correct. Try again Presented below are selected transactions at Skysong, Inc. for 2019. Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $60,000 on that date. It had a useful life of 10 years with no salvage value. Jan 1 Sold a computer that was purchased on January 1, 2016. The computer cost $36,600. It had a useful life of 5 years with no salvage value. The computer...
txercise 10-09 Presented below are selected transactions at Flint Company for 2020. Retired 3 une 30 Sold a computer that was purchased on January 1, 2017. The computer cost $37,500. It had a useful life of 5 years with no salvage value. The computer was sold for $13,100. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $34,500. It was depreclated based on a 6-ycar useful ife with a $3,000 savage value. oumalze...
Exercise 10-09 Presented below are selected transactions at Concord Company for 2020. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $64, Sold a computer that was purchased on January 1, 2017. The computer cost $39,800. It had $13,700. Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $34,980. It Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation,...
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...