Presented here are selected transactions for Snow Company for 2012.
| Jan. |
1 |
|
Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $67,800on that date and had a useful life of10years with no salvage value. |
| June |
30 |
|
Sold a computer that was purchased on January 1, 2009. The computer cost $27,200and had a useful life of5years with no salvage value. The computer was sold for $10,880. |
| Dec. |
31 |
|
Discarded a delivery truck that was purchased on January 1, 2007. The truck cost $54,000and was depreciated based on an8-year useful life with a $3,100salvage value. |
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Snow Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2011.)(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,250.)