Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost...

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Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value Sun Company had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Machinery $77,000 Jan. 1, 2012 10 $0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on Dec. 31. Requirements: Journalize journal entries required in relation to the disposal of the operating assets in 2022, including entries to update depreciation, where applicable. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. Salvage Value

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