Sandhill Co. had the following assets on January 1, 2022. Item Machinery $79,000 Forklift Cost Truck...
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Sandhill Co. had the following assets on January 1, 2022. Item Machinery $79,000 Forklift Cost Truck 38,000 44,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Useful Life (in years) 10 5 8 Salvage Value $0 0 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 $12,800. The truck was discarded on December 31. 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, 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 + + + + (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on truck) Debit Credit (To record sale of truck) Sandhill Co. had the following assets on January 1, 2022. Item Machinery $79,000 Forklift Cost Truck 38,000 44,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Useful Life (in years) 10 5 8 Salvage Value $0 0 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 $12,800. The truck was discarded on December 31. 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, 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 + + + + (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on truck) Debit Credit (To record sale of truck)
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A A B 1 Date Accounts Title and Explanation 2 Jan01 Accumulated depreciation ... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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