Question: solve using straight line method Presented below are selected transactions for Lumber Mill Company for 2021. Jan. 1 Sold a machinery for $12,000 that was

solve using straight line method

Presented below are selected transactions for Lumber Mill Company for 2021. Jan. 1 Sold a machinery for $12,000 that was purchased on January 1, 2013. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value April 30 Retired an equipment that was purchased on Jan 1, 2017. The equipment cost 565.000, and had a useful life of years with no salvage value of 55.000 Dec 31 Discarded a business automobile that was purchased on an 1, 2016. The car cost $27.000 and was depreciated on a 6-year sotulife with no savage value REQUIRED: Journalize all entries required as a result of the above transactions. Lumber Mill Company uses the straight line method

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