journalize all entries required on the above dates including entries to update depre 571021

Aug 29, 2021 | Uncategorized

Here are selected transactions for Cagle Corporation for 2010.

Jan.

1

Retired a piece of machinery that was purchased on January 1, 2000.
The machine cost $52,000 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 $42,000 and had a useful life of 7 years with no salvage value. The
computer was sold for $23,000.

Dec.

31

Discarded a delivery truck that was purchased on January 1, 2007. The
truck cost $30,000 and was depreciated based on a 6 year useful life
with a $3,000 salvage value.

Instructions

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cagle Corporation uses straight line depreciation.