eLwneypaus.com/edugen/student/mainfr.uni WileyPLUS: Weygandt, Financial Accounti
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eLwneypaus.com/edugen/student/mainfr.uni WileyPLUS: Weygandt, Financial Accounting, 9e Contacts 1 10s FINANCIAL ACCOUNTING (ACCT 020) ice Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR HESSAGE MY INSTRUCTOR FlJLL SCREEN psHTER VERSION 48ACK NEXT Presented below are selected transactions at Ridge Company for 2015. Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $63,550 on that salvage value. date. It had a useful life of 10 years with n a computer that was purchased on January 1, 2012. The computer cost $35,320. It had a useful life of 5 years with no salvage value. The computer was sold for $13,190. Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $43,790. It was depreciated based on a 0-year useful ite with a $2,030 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, 2014) (If no entry is required, select "No entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually J Date Account Titles and Explanation Debit Credit Jan. 1 June 30 (To record depreciation to date of disposal) Major Benefits of docx :06 PM gs 11/5/2017 ^Explanation / Answer
Machinery
( being asset retired after useful life)
Computer
(35320 /5 = 7064 and for current year 7064 X 6/12 =3,532 current year depriciation)
( being gain on disposal recorded)
Truck
Loss on disposal
(being loss on discarded truck recorded)
Accumulated Depriciation Debit 63,550 Machinery Credit 63,550Related Questions
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