Homework Help is Here – Start Your Trial Now!
Business
Accounting
em achinery rklift uck Cost $82,000 41,000 47,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1.2017 Useful Life (in years) 10 5 Salvage Value $0 0 3,000

em achinery rklift uck Cost $82,000 41,000 47,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1.2017 Useful Life (in years) 10 5 Salvage Value $0 0 3,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Ind

Crane Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost Purchase Date $82,000 Jan. 1, 2012 41,000 Jan. 1, 2019 47,400 Jan. 1, 2017 Date Useful Life (in years) 10 5 8 Salvage Value $0 0 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,100. The truck was discarded on December 31. Account Titles and Explanation 3,000 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, 2021. (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.) Debit Credit
Transcribed Image Text:Crane Company had the following assets on January 1, 2022. Item Machinery Forklift Truck Cost Purchase Date $82,000 Jan. 1, 2012 41,000 Jan. 1, 2019 47,400 Jan. 1, 2017 Date Useful Life (in years) 10 5 8 Salvage Value $0 0 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,100. The truck was discarded on December 31. Account Titles and Explanation 3,000 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, 2021. (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.) Debit Credit
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS