journalize all entries required on the above dates including entries to update depre 571013

Aug 29, 2021 | Uncategorized

Presented here are selected transactions for Sager Company for 2010.

Jan.

1

Retired a piece of machinery that was purchased on January 1, 2000.
The machine cost $71,000 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, 2007. The computer
cost $30,000 and had a useful life of 5 years with no salvage value.
computer was sold for $10,000.

Dec.

31

Discarded a delivery truck that was purchased on January 1, 2005. The
truck cost $31,000 and was depreciated based on an 8 year useful life
with a $3,000 salvage value.

Instructions

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Sager Company uses straight line depreciation. (Assume depreciation is up to date as of December 31, 2009.)