hello, I need help with straight line depreciation calculations for 2 out of 3 questions on the attached screen shots. I can't seem to figure out the amounts for the following two journal entries for 2020: JUNE 30 - Computer sold I'm not sure if my entries are correct, CAN I HAVE A DETAILED EXPLANATION TO CHECK MY WORK? The one below, delivery truck, has stumped me. I can't figure it out. A detailed explanation would be so appreciated! DECEMBER 31 - Delivery Truck discarded: Accumulated deprecation (Debit) ? Loss on Disposal of Plant Assets (Debit) ? Equipment (Credit) $33,000 TRANSACTIONS/problem: "Transactions for Ridge Company for 2020: Jun. 30 - Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $33,000. It was depreciated based on a 6 year useful life with a $3,000 salvage value. The company uses straight line depreciation (assume depreciation is up to date as of December, 31, 2019).
hello,
I need help with straight line depreciation calculations for 2 out of 3 questions on the attached screen shots. I can't seem to figure out the amounts for the following two
JUNE 30 - Computer sold
I'm not sure if my entries are correct, CAN I HAVE A DETAILED EXPLANATION TO CHECK MY WORK?
The one below, delivery truck, has stumped me. I can't figure it out. A detailed explanation would be so appreciated!
DECEMBER 31 - Delivery Truck discarded: Accumulated deprecation (Debit) ?
Loss on Disposal of Plant Assets (Debit) ?
Equipment (Credit) $33,000
TRANSACTIONS/problem:
"Transactions for Ridge Company for 2020:
Jun. 30 - Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.
Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $33,000. It was
The company uses straight line depreciation (assume depreciation is up to date as of December, 31, 2019). "
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