Question: Progress Presented below are selected transactions at Flounder Company for 2020. Jan. 1 June 30 Retired a piece of machinery that was purchased on January

 Progress Presented below are selected transactions at Flounder Company for 2020.

Progress Presented below are selected transactions at Flounder Company for 2020. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost 64,400 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 43.400.it had a useful life of 5 years with no residual value. The computer was sold for 15,800 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost 35,640. It was depreciated based on 36-year useful life with a 3,000 residual value Dec 31 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed at Flounder 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 Debit Credit Date Account Titles and Explanation

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!