Crane Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost Purchase Date $82,000 Jan. 1, 2012 41,000 Jan. 1, 2019 47,400 Jan. 1, 2017 Date Useful Life (in years) 10 5 8 Salvage Value $0 0 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 $13,100. The truck was discarded on December 31. Account Titles and Explanation 3,000 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit

Crane Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost Purchase Date $82,000 Jan. 1, 2012 41,000 Jan. 1, 2019 47,400 Jan. 1, 2017 Date Useful Life (in years) 10 5 8 Salvage Value $0 0 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 $13,100. The truck was discarded on December 31. Account Titles and Explanation 3,000 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit

Name: Crane Company had the following assets on January 1, 2022.ItemMachine
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Description: Crane Company had the following assets on January 1, 2022.ItemMachineryForkliftTruckCost$82,000Date41,00047,400Purchase DateJan. 1, 2012Jan. 1, 2019Jan. 1, 2017Useful Life(in years)1058Salvage Value$00During 2022, each of the assets was removed from

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 14P: Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used...

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