E9-8 Here are selected 2014 transactions of Cleland Corporation. Jan. Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2012. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash. Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2011, and was depreciated based on a 5-year use- ful life with a $4,000 salvage value. 1 June 30 Dec. 31 Instructions Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.

E9-8 Here are selected 2014 transactions of Cleland Corporation. Jan. Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2012. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash. Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2011, and was depreciated based on a 5-year use- ful life with a $4,000 salvage value. 1 June 30 Dec. 31 Instructions Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.

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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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