Blossom Company had the following assets on January 1, 2025. Item Machinery Forklift Truck Cost $58,000 17,000 23,400 Date Purchase Date Jan 1, 2015 Jan 1, 2022 Jan 1, 2020 Useful Life (In years) 10 5 Salvage Value Account Titles and Explanation (To record sale of forklift) During 2025, 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. 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, 2024. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record depreciation expense on forklift) $0 0 (To record depreciation expense on truck) 3,000 Debit NOOL FC Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Blossom Company had the following assets on January 1, 2025.
Item
Machinery
Forklift
Truck
Cost
$58,000
17,000
23,400
Date
Purchase Date
Jan 1, 2015
Jan 1, 2022
Jan 1, 2020
Useful Life
(In years)
10
5
Account Titles and Explanation
(To record sale of forklift)
Salvage Value
During 2025, 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.
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, 2024. (List all debit entries before credit
entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No
Entry for the account titles and enter O for the amounts)
(To record depreciation expense on forklift)
$0
(To record depreciation expense on truck)
(To record disposal of truck)
0
3,000
Debit
H
111
Credit
Transcribed Image Text:Blossom Company had the following assets on January 1, 2025. Item Machinery Forklift Truck Cost $58,000 17,000 23,400 Date Purchase Date Jan 1, 2015 Jan 1, 2022 Jan 1, 2020 Useful Life (In years) 10 5 Account Titles and Explanation (To record sale of forklift) Salvage Value During 2025, 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. 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, 2024. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record depreciation expense on forklift) $0 (To record depreciation expense on truck) (To record disposal of truck) 0 3,000 Debit H 111 Credit
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