Oriole Company had the following assets on January 1, 2022.
Item Cost Purchase Date Usef...
Oriole Company had the following assets on January 1, 2022.
Item Cost Purchase Date Useful Life (in years) Salvage Valu
Machinery $74,000 Jan. 1, 2012 10 $ 0
Forklift 33,000 Jan. 1, 2019 5 0
Truck 39,400 Jan. 1, 2017 8 3,000
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 $12,300. The truck was discarded on December 31.
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
Answers: 2
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