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

Question

Presented here are selected transactions for Pine Company for 2014.

Journalize 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)

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Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $68,500 on that date and 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 $32,900 and had a useful life of 5 years with no salvage value. The computer was sold for $13,160. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2009. The truck cost $37,000 and was depreciated based on an 8-year useful life with a $5,600 salvage value.

Explanation / Answer

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

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