Cullumber Company had the following assets on January 1, 2025. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $72,000 Jan. 1, 2015 10 $0 Forklift 31,000 Jan. 1, 2022 5 0 Truck 37,400 Jan. 1, 2020 8 3,000 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 $12,100. 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.) Date Account Titles and Explanation Debit Credit
Cullumber Company had the following assets on January 1, 2025. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $72,000 Jan. 1, 2015 10 $0 Forklift 31,000 Jan. 1, 2022 5 0 Truck 37,400 Jan. 1, 2020 8 3,000 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 $12,100. 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.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cullumber Company had the following assets on January 1, 2025.
Item
Cost
Purchase Date
Useful Life
(in years)
Salvage Value
Machinery
$72,000
Jan. 1, 2015
10
$0
Forklift
31,000
Jan. 1, 2022
5
0
Truck
37,400
Jan. 1, 2020
8
3,000
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 $12,100. 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.)
Date
Account Titles and Explanation
Debit
Credit
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