Sunland Company had the following assets on January 1, 2022. Sunland Company had the following assets on
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Sunland Company had the following assets on January 1, 2022.
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Sunland Company had the following assets on January 1, 2022. Useful Life Purchase Date (in years) Item Cost Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 Truck 30,400 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 $11,400. The truck was discarded on December 31. Journalize all entries required on the above dates, incjuding 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation-Equipment 65000 Equipment 65000 June 30 : Depreciation Expense 3000 Accumulated Depreciation-Equlpment 3000 (To record depreciation expense on forklift) Sunland Company had the following assets on January 1, 2022. Useful Life Purchase Date (in years) Item Cost Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 Truck 30,400 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 $11,400. The truck was discarded on December 31. Journalize all entries required on the above dates, incjuding 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation-Equipment 65000 Equipment 65000 June 30 : Depreciation Expense 3000 Accumulated Depreciation-Equlpment 3000 (To record depreciation expense on forklift)
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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