Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.
Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Ex. 259
Presented below are selected transactions for Werley Company for 2021.
Received $9,000 scrap value on retirement of machinery that was purchased on
January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10
years with no salvage value.
Jan.
1
Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment
cost $90,000, and had a useful life of 5 years with no salvage value.
April 30
Discarded a business automobile that was purchased on April 1, 2017. The car cost
$27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000.
Dec. 31
Instructions
Journalize all entries required as a result of the above transactions. Werley Company uses the
straight-line method of depreciation and has recorded depreciation through December 31, 2020.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education