Problem: During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,700. The truck was discarded on December 31.
|
Item
|
Cost
|
Purchase Date
|
Useful Life (in years)
|
Salvage Value
|
|
Machinery
|
$58,000
|
Jan. 1, 2012
|
10
|
$0
|
|
Forklift
|
17,000
|
Jan. 1, 2019
|
5
|
0
|
|
Truck
|
23,400
|
Jan. 1, 2017
|
8
|
3,000
|
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021.
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