Question - Here are selected 2010 transactions of Falk Corporation.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2000. The machine cost $61,442 and had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2008. The computer cost $33,380 and had a useful life of 3 years with no salvage value. The computer was sold for $4,187 cash.
Dec. 31 Sold a delivery truck for $9,808 cash. The truck cost $27,066 when it was purchased on January 1, 2007, and was depreciated based on a 5-year useful life with a $2,791 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Falk Corporation uses straight-line depreciation.