Presented below are selected transactions at Ivanhoe Company for 2020. Jan, 1 June 30 Dec. 31...

 

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Presented below are selected transactions at Ivanhoe Company for 2020. Jan, 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £63,600 on that date. It had a useful life of 10 years with no residual value. Sold a computer that was purchased on January 1, 2017. The computer cost £36,900. It had a useful life of 5 years with no residual value. The computer was sold for £15,700. Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £38.160. It was depreciated based on a 6-year useful life with a £3,000 residual value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ivanhoe Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date O O O Account Titles and Explanation Accumulated Depreciation-Equipment Equipment Depletion Expense Accumulated Depreciation Equipment (To record depreciation) Cash Accumulated Depreciation Equipment (To record the sale of equipment) Debit 63,600 Credit Presented below are selected transactions at Ivanhoe Company for 2020. Jan, 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £63,600 on that date. It had a useful life of 10 years with no residual value. Sold a computer that was purchased on January 1, 2017. The computer cost £36,900. It had a useful life of 5 years with no residual value. The computer was sold for £15,700. Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £38.160. It was depreciated based on a 6-year useful life with a £3,000 residual value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ivanhoe Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date O O O Account Titles and Explanation Accumulated Depreciation-Equipment Equipment Depletion Expense Accumulated Depreciation Equipment (To record depreciation) Cash Accumulated Depreciation Equipment (To record the sale of equipment) Debit 63,600 Credit