Presented here are selected transactions for Li Ltd for the year ended 31 December 2023. Jan....

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Presented here are selected transactions for Li Ltd for the year ended 31 December 2023. Jan. 1 June 30 Dec. 31 Scrapped a piece of machinery that was purchased on 1 January 2013 at a cash price of $99 000. The machinery had a useful life of 10 years with no residual value. Sold a computer that was purchased on 1 January 2020 for $49 500 cash. It had a useful life of 6 years with no residual value. The computer was sold for $19 800 cash. Discarded a delivery truck that was purchased on 1 January 2019 for $33 000 cash and was depreciated based on a 6-year useful life with a $3000 residual value. Required Journalise all entries required on the listed dates, including entries to update depreciation, where applicable, on assets disposed of. Li Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 31 December 2022 and the GST rate is 10%.) Presented here are selected transactions for Li Ltd for the year ended 31 December 2023. Jan. 1 June 30 Dec. 31 Scrapped a piece of machinery that was purchased on 1 January 2013 at a cash price of $99 000. The machinery had a useful life of 10 years with no residual value. Sold a computer that was purchased on 1 January 2020 for $49 500 cash. It had a useful life of 6 years with no residual value. The computer was sold for $19 800 cash. Discarded a delivery truck that was purchased on 1 January 2019 for $33 000 cash and was depreciated based on a 6-year useful life with a $3000 residual value. Required Journalise all entries required on the listed dates, including entries to update depreciation, where applicable, on assets disposed of. Li Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 31 December 2022 and the GST rate is 10%.)

Answer rating: 100% (QA)

To journalize the entries for the selected transactions of Li Ltd for the year ended 31 December 202... View the full answer