Presented below are selected transactions at novak corp. for 2020. jan. 1 retired a piece of machinery that was purchased on january 1, 2010. the machine cost $62,300 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, 2017. the computer cost $42,600. it had a useful life of 5 years with no salvage value. the computer was sold for $13,400. dec. 31 discarded a delivery truck that was purchased on january 1, 2016. the truck cost $42,300. 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, where applicable, on assets disposed of. novak corp. uses straight-line depreciation. (assume depreciation is up to date as of december 31, 2019.)

See below.

Explanation:

For Machinery we make the following entry,

Accumulated depreciation debit by $62,300

                                         Machinery account credit by $62,300

For Computer disposal we make the following record,

Accumulated Depreciation debit by $25,560

Loss on disposal Debit by $3,640

Cash debit by $13,400

                                            Computer credit by $42,600

The total book value of the asset at time of sale was $17,040 so a loss is recorded. Depreciation for 3 years is applicable.

For Delivery truck we make the following records,

Debit the accumulated depreciation for truck account by $26,200

Debit loss on asset disposal of $16,100

                                             Credit Delivery truck by $42,300

We assume that the entire asset was fully depreciated incurring a loss on disposal as no information whether the salvage value was recovered is shown. We record the entire net book value after 4 years as loss.

Hope that helps.

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