Exercise 7-8 Your answer is partially correct. Try again. Here are selected 2017 transactions of Flint Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,900 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2015. The computer cost $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for $4,600 cash. Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $3,500 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Flint Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Equipment - Accum. Depr. - Equip. = + Common Stock + Dividend > Jan. 1 -61900 61900 A June 30 4550 4550 Depreciation expense 4600 -36400 -22750 9050 Loss on disposal Dec. 31 4200 4200 Depreciation expense 204 -24500 24500 974 7 -16800 1770 Gain on disposal