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Current Attempt in Progress Here are selected 2022 transactions of Blue Spruce Company E Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,700 and had a useful life of 10 years with no salvage value. June 30 Dec. 31. Date Jan 1 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021) List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Sold a computer that was purchased on January 1, 2019. The computer cost $41,600 and had a useful life of 5 years with no salvage value. The computer was sold for $14.700 cash June 201 Discarded a delivery truck that was purchased on January 1, 2018 The truck cost $35,520. It was depreciated based on a 6-year useful life with a $3.000 salvage value. Account Titles and Explanation Depreciation Expense Machine Accounts En Me Debit A3700 Foun *6 Credit 43700 101 Char

Current Attempt in Progress Here are selected 2022 transactions of Blue Spruce Company E Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,700 and had a useful life of 10 years with no salvage value. June 30 Dec. 31. Date Jan 1 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021) List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Sold a computer that was purchased on January 1, 2019. The computer cost $41,600 and had a useful life of 5 years with no salvage value. The computer was sold for $14.700 cash June 201 Discarded a delivery truck that was purchased on January 1, 2018 The truck cost $35,520. It was depreciated based on a 6-year useful life with a $3.000 salvage value. Account Titles and Explanation Depreciation Expense Machine Accounts En Me Debit A3700 Foun *6 Credit 43700 101 Char

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ee.102.

 

Current Attempt in Progress Here are selected 2022 transactions of Blue Spruce Company E1 1 June 30 Dec. 31. Date Jan 1 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021) List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63.700 and had a useful life of 10 years with no salvage value. June 302 Sold a computer that was purchased on January 1, 2019. The computer cost $41,600 and had a useful life of 5 years with no salvage value. The computer was sold for $14.700 cash Discarded a delivery truck that was purchased on January 1, 2018 The truck cost $35,520. It was depreciated based on a 6-year useful life with a $3.000 salvage value. Account Titles and Explanation Depreciation Expense Machine Accounts EmpMe Debit A3700 Foun *6 Credit 43700 107 Cher 400
Transcribed Image Text:Current Attempt in Progress Here are selected 2022 transactions of Blue Spruce Company E1 1 June 30 Dec. 31. Date Jan 1 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021) List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63.700 and had a useful life of 10 years with no salvage value. June 302 Sold a computer that was purchased on January 1, 2019. The computer cost $41,600 and had a useful life of 5 years with no salvage value. The computer was sold for $14.700 cash Discarded a delivery truck that was purchased on January 1, 2018 The truck cost $35,520. It was depreciated based on a 6-year useful life with a $3.000 salvage value. Account Titles and Explanation Depreciation Expense Machine Accounts EmpMe Debit A3700 Foun *6 Credit 43700 107 Cher 400
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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