Presented here are selected transactions for Pine Company for 2014..... Please h

Question

Presented here are selected transactions for Pine Company for 2014.....

Please help as I'm a little crossed up on this problem. Also, if you can please try and choose from the list of accounts available from the bottom. Thank you!

Presented here are selected transactions for Pine Company for 2014 Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $72,800 on that date and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2011. The computer cost $25,100 and had a useful life of 5 years with no salvage value. The computer was sold for $10,040. Discarded a delivery truck that was purchased on January 1, 2009. The truck cost $53,000 and was depreciated based on an 8-year useful life with a $4,900 salvage value ournalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Pine Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (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.) Date Account Titles and Explanation Debit Credit (To record depreciation on computer sold) (To record depreciation on truck sold) SHOW LIST OF ACCOUNTS

Explanation / Answer

Date Account title Debit credit 1jan 2014 Accumulated depreciation -Plant asset 72800 Machinery 72800 [being machinery retired recorded] 30 june 2014 depreciation expense       [25100/5= 5020 per year so 5020*6/12 = 2510 ] 2510 Accumulated depreciatio 2510 [being depreciation for 2014 to date recorded] 2) cash 10040 Accumulated depreciation [(5020 *3 years) + 2510 ] 17570 Computer /Plant asset 25100 Gain on disposal of plant asset 7530 [being computer sold[ dec 31 depreciation 6012.5 accumulated depreciation - Plant asset 6012.5 [depreciation recorded for 2014 (53000-4900)/8] Accumulated depreciation   [6012.5*6] 36075 Loss on disposal of plant asset 16925 Truck /Plant asset 53000

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