Business, 22.02.2021 19:10 ticklepink05

Here are selected 2017 transactions of Marigold Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $63,000 and had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $37,000 and had a useful life of 4 years with no salvage value. The computer was sold for $6,000 cash.
Dec. 31 Sold a delivery truck for $9,130 cash. The truck cost $24,500 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,400 salvage value.

Required:
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.

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Answer from: kitttimothy55

Date Account and explanation Debit$ Credit$

Jan 1 Accumulated depreciation-Machine 63000

Machine 63000

June 30 Depreciation expense (37000/4)*6/12 4625

Accumulated depreciation-Computer 4625

(To record Dep)

June 30 Cash 6000

Accumulated depreciation-Computer 23125

(37000/4*2.5)

Loss on sale of computer 7875

Computer 37000

(To record sale of computer)

Dec 31 Depreciation expense (24500-3400/5) 4220

Accumulated depreciation-Delivery truck 4220

(To record Depreciation)

Dec 31 Cash 9130

Accumulated dep-Delivery truck 16880

Gain on sale of delivery truck 1510

Delivery truck 24500

(To record sale of computer)

Answer from: Quest

a. primarily outdoors, responding to emergencies and protecting people.

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Answer from: Quest

; djf; as

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Here are selected 2017 transactions of Marigold Corporation. Jan. 1 Retired a piece of machinery th...

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