journalize all enteritis

journalize the enteries

Here are selected 2017 transactions of Howe Avenue Corporation. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2007, The equipment cost $55,000 and had a useful life of 10 years with no salvage value. Because the equipment had been purchased 10 years ago, it was fully depreciated at the it was retired. Sold equipment for $9,000 cash that was purchased on January 1, 2015. The equipment cost $78,000 and had a useful life of 3 years with no salvage value. Accumulated depreciation up to December 31, 2016 was $52,000. June 30 Sold equipment for $12,500 cash. The equipment cost $43,000 when it was purchased on January 1, 2014, and was depreciated based on a 5- year useful life with a $3,000 salvage value. Accumulated depreciation through December 2016 was $24,000. Dec. 31 Required Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of. Howe Avenue Corporation uses straight-line depreciation