Presented here are selected transactions for Ivanhoe Limited for 2018. Ivanhoe uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $16,740 cash. The truck cost $58,120 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,560 residual value. Sold computers that were purchased on January 1, 2016. They cost $9,927 and had a useful life of three years with no residual value. The computers were sold for $490 cash. Retired equipment that was purchased on January 1, 2009. The equipment cost $152,400 and had a useful life of 10 years with no residual value. No proceeds were received.

Presented here are selected transactions for Ivanhoe Limited for 2018. Ivanhoe uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $16,740 cash. The truck cost $58,120 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,560 residual value. Sold computers that were purchased on January 1, 2016. They cost $9,927 and had a useful life of three years with no residual value. The computers were sold for $490 cash. Retired equipment that was purchased on January 1, 2009. The equipment cost $152,400 and had a useful life of 10 years with no residual value. No proceeds were received.

Name: Record the transactions. Date Account Titles and ExplanationJan. 1Sept
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Description: Record the transactions. Date Account Titles and ExplanationJan. 1Sept. 11Dec. 3030(To record depreciation expense)(To record the sale of equipment for cash)(To record depreciation expense)(To record the retirement of equipment)DebitCredit Presented

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 2AP

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