Here are selected 2010 transactions of Falk Corporation. Jan. 1 Retired a piece of machinery that was

Question:

Here are selected 2010 transactions of Falk 1 Retired a piece of machinery that was purchased on January 1, 2000.
The machine cost $62,000 and had a useful life of 10 years with no .
June 30 Sold a computer that was purchased on January 1, 2008. The computer cost $39,000 and had a useful life of 3 years with no . The computer was sold for $5,000 cash.
Dec. 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2007, and was depreciated based on a 5-year useful life with a $3,000 .

Instructions
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Falk uses straight-line depreciation.

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...