Question

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, where applicable (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically i journal entries in the order presented in the problem. If no entry is required, select "No Entry"fo Date Account Titles and Explanation Credit (To record depreciation to date of disposal)

Answer 1

Answer
Date	Explanation	Debit	Credit
Jan-01	Accumulated depreciation - equipment	$     64,500
	Equipment		$     64,500
	( To Record Machinery retired )
Jun-30	Depreciation expense ($39800/5*6/12)	$       3,980
	Accumulated depreciation - equipment		$       3,980
	(To record 6 month depreciation updated)
Jun-30	Cash	$     13,700
	Accumulated depreciation - equipment (($39800*3/5)+$3980)	$     27,860
	Gain on disposal of plant assets		$       1,760
	Equipment		$     39,800
	( To record computer sold )
Dec-31	Depreciation expense (($34980-$3,000)/6)	$       5,330
	Accumulated depreciation - equipment		$       5,330
	( To Record Dep )
Dec-31	Loss on disposal of plant assets	$       8,330
	Accumulated depreciation - equipment (($34980-$3,000)/6*5)	$     26,650
	Equipment		34980
	( To record assets discarded )

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