Pine Company had the following assets on January 1, 2022. 

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 $12,000. 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, 2021.

Transcribed Image Text:

Useful life (in years) Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Salvage Value Item Cost $ -0- -0- Machinery $71,000 10 Forklift 30,000 5 Truck 3,000