Problem - Presented below are selected transactions at Ridge Company for 2014.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $63,810 on that date. It had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2011. The computer cost $36,800. It had a useful life of 5 years with no salvage value. The computer was sold for $13,760.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $39,770. It was depreciated based on a 6-year useful life with a $2,930 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.)