Here are selected 2014 transactions of Cleland Corporation Jan 1
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,000 and had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $36,000 and had a useful life of 3 years with no salvage value. 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, 2011, and was depreciated based on a 5-year useful life with a $4,000 salvage value.
Instructions
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.

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