E9-12 Presented below are selected transactions at Ingles Company for 2017. Jan. Retired a piece of machinery that was purchased on January 1. 2007. The machine cost £58,000 on that date. It had a useful life of 10 years with no residual value, Sold a computer that was purchased on January 1, 2014. The computer cost £40,000. It had a useful life of 5 years with no residual value. The computer 1 June 30 to was sold for £14,600. Discarded a delivery truck that was purchased on January 1, 2013. The truck cosi £34,000. It was depreciated based on a 6-year useful life with a £4,000 residual value. Dec. 31

E9-12 Presented below are selected transactions at Ingles Company for 2017. Jan. Retired a piece of machinery that was purchased on January 1. 2007. The machine cost £58,000 on that date. It had a useful life of 10 years with no residual value, Sold a computer that was purchased on January 1, 2014. The computer cost £40,000. It had a useful life of 5 years with no residual value. The computer 1 June 30 to was sold for £14,600. Discarded a delivery truck that was purchased on January 1, 2013. The truck cosi £34,000. It was depreciated based on a 6-year useful life with a £4,000 residual value. Dec. 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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