Here are selected 2022 transactions of Bridgeport Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,500 and had a useful lit of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $39,300 and had a useful life of 5 year with no salvage value. The computer was sold for $15,400 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $42,900. It was depreciated base on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Bridgeport Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit ent before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entrie the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Here are selected 2022 transactions of Bridgeport Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,500 and had a useful lit of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $39,300 and had a useful life of 5 year with no salvage value. The computer was sold for $15,400 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $42,900. It was depreciated base on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Bridgeport Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit ent before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entrie the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 26E
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Depreciation Accounting
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Transcribed Image Text:Here are selected 2022 transactions of Bridgeport Company.
Jan.
1
June 30
Dec. 31
Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,500 and had a useful life
of 10 years with no salvage value.
Sold a computer that was purchased on January 1, 2019. The computer cost $39,300 and had a useful life of 5 years
with no salvage value. The computer was sold for $15,400 cash.
Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $42,900. It was depreciated based
on a 6-year useful life with a $3,000 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable.
Bridgeport 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.)
Transcribed Image Text:Date
Dec. 31
Account Titles and Explanation
(To record depreciation to date of disposal)
(To record sale of computer)
(To record depreciation to date of disposal)
(To record retirement of truck)
Debit
¨
Credit
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