Question: Please fill in the missing part and explain. I'll give an upvote if it's correct Presented here are selected transactions for Blossom Limited for 2021.

 Please fill in the missing part and explain. I'll give an

upvote if it's correct Presented here are selected transactions for Blossom Limited

Please fill in the missing part and explain. I'll give an upvote if it's correct

Presented here are selected transactions for Blossom Limited for 2021. Blossom uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck for $ 16,940 cash. The truck cost $56,270 when it was purchased on January 1, 2018, and was depreciated based on a four-year useful life with a $5,490 residual value. Sept. 1 Sold computers that were purchased on January 1, 2019. They cost $11,421 and had a useful life of three years with no residual value. The computers were sold for $540 cash. Dec. 30 Retired equipment that was purchased on January 1, 2012. The equipment cost $145,000 and had a useful life of 10 years with no residual value. No proceeds were received. (a) Your answer is partially correct. Record the above transactions. (List all debit entries before credit entries. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Accumulated Depreciation - Vehicles 38,085 Cash 16,940 Loss on Disposal 1.245 Vehicles 56,270 16,440 Loss on Disposal 1,245 Vehicles 56,270 Sept. 1 Depreciation Expense 2.538 Accumulated Depreciation - Equipment 2,538 (To record depreciation expense) 1 Accumulated Depreciation - Equipment 10,152 Cash 540 Loss on Disposal 729 Equipment 11,421 (To record the sale of equipment for cash) Dec. 30 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) 30 Accumulated Depreciation - Equipment 145,000 Equipment 145,000 (To record the retirement of equipment)

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