Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $43,500 and had a useful life of 3 years with no salvage value. The computer was sold for $6,700 cash. Sold a delivery truck for $10,000 cash. The truck cost $33,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Date Jan. 1 Jan. 1 < Account Titles and Explanation Debit Credit

Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $43,500 and had a useful life of 3 years with no salvage value. The computer was sold for $6,700 cash. Sold a delivery truck for $10,000 cash. The truck cost $33,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Date Jan. 1 Jan. 1 < Account Titles and Explanation Debit Credit

Name: Alpesh Here are selected 2022 transactions of Oriole Company.Jan.1June
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Alpesh Here are selected 2022 transactions of Oriole Company.Jan.1June30Dec. 31Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful lifeof 10 years with no salvage value.Sold a computer that wa

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 26E

See similar textbooks

Similar questions

Here are selected 2027 transactions of Riverbed Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2017. The machine cost $62,200 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2025. The computer cost $36,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,800 cash. Sold a delivery truck for $9,450 cash. The truck cost $24,300 when it was purchased on January 1, 2024, and was depreciated based on a 5-year useful life with a $4,200 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Riverbed Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that…
Here are selected 2022 transactions of Pina Colada Corp.. Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,600 and had a useful life of 10 years with no salvage value. Jan. 1 Sold a computer that was purchased on January 1, 2020. The computer cost $36,900 and had a useful life of 3 years with no salvage value. The computer was sold for $5,900 cash. June 30 Sold a delivery truck for $9,000 cash. The truck cost $32,300 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Pina Colada Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If…
Here are selected 2022 transactions of Ayayai Company. Jan. 1 June 30 Dec. 31 Date Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $39,000 and had a useful life of 5 years with no salvage value. The computer was sold for $15,900 cash. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Ayayai Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Discarded a delivery truck that was…
Here are selected 2022 transactions of Oriole Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $43,500 and had a useful life of 3 years with no salvage value. The computer was sold for $6,700 cash. Sold a delivery truck for $10,000 cash. The truck cost $33,900 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Oriole Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Crea account titles are automatically indented when amount is entered. Do not indent manually. Pecord journal entries in the order presented in the problem. If no entry…
Here are selected 2022 transactions of Sunland Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,100 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 $38,400 and had a useful life of 3 years with no salvage value. The computer was sold for $6,000 cash. Dec. 31 Sold a delivery truck for $10,000 cash. The truck cost $32,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Sunland Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in…
Here are selected 2022 transactions of Concord 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 $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,400 cash. Dec. 31 Sold a delivery truck for $9,450 cash. The truck cost $24,700 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $4,100 salvage value. Journalize all entries required on the above dated , including to update depreciation on assets disposed of, where applicable. Use straight-line depreciation.
Here are selected 2022 transactions of Blue Spruce Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $42,900 and had a useful life of 5 years with no salvage value. The computer was sold for $15,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $35,340. It was depreciated based on a 6-year useful life with a $3,000 salvage value. 1. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record…
Here are selected 2022 transactions of Sheffield Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $43,700 and had a useful life of 5 years with no salvage value. The computer was sold for $13,800 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,380. 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 on assets disposed of where applicable. Sheffield Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order…
Here are selected 2022 transactions of Flounder Company. Jan. 1 Retried a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $35,500 and had a useful life of 5 years with no salvage value. The computer was sold for $14,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $36,660. 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 on assets disposed of where applicable. Flounder Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries)
Question No : 1 E10-9 Presented below are selected transactions at Ridge Company for 2017. Jan. I Retired a piece of machinery that was purchased on January 1, 2007. The machine cost S62,000 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, 2014. The computer cost $45,000, It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2016.) Question No 2: The credit manager of Montour Fuel has gathered the following information about the company's accounts…
Question No: 1 E10-9 Presented below are selected transactions at Ridge Company for 2017. Jan. I Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 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, 2014. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Instructions Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2016.)
Bennie Razor Company has decided to sell one of its old manufacturing machines on January 1, 2020. The machine was purchased for $80,000 on January 1, 2016, and was depreciated on a straight-line basis for 10 years assuming no salvage value. If the machine was sold for $26,000, what was the amount of the gain or loss recorded at the time of the sale a. $22,000 loss O b. $26,000 gain c. $32,000 gain O d. $54,000 loss