Pine Company had the following assets on January 1, 2025.

During 2025, each of the assets was removed from service. The machinery was retired on January 1 . The forklift was sold on June 30 for \(\$ 12,000\). The truck was discarded on December 31 .

Instructions

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, 2024.

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Item Machinery Forklift Truck Cost $71,000 30,000 33,400 Purchase Date Jan. 1, 2015 Jan. 1, 2022 Jan. 1, 2020 Useful life (in years) 10 5 8 Salvage Value $ -0- -0- 3,000