old 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.
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
(Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
