Exercise 9 8
Here are selected 2014 transactions of Cleland Corporation.
| Jan. 1 | Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,270 and had a useful life of 10 years with no salvage value. | |
| June 30 | Sold a computer that was purchased on January 1, 2012. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,100 cash. | |
| Dec. 31 | Sold a delivery truck for $9,190 cash. The truck cost $24,540 when it was purchased on January 1, 2011, and was depreciated based on a 5 year useful life with a $3,330 salvage value. |
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight line depreciation.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)