Here are selected 2022 transactions of Marigold Corp.. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. 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, 2020. The computer cost $39,600 and had a useful life of 3 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $9,000 cash. The truck cost $29,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-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. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles

Here are selected 2022 transactions of Marigold Corp.. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. 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, 2020. The computer cost $39,600 and had a useful life of 3 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $9,000 cash. The truck cost $29,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-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. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles

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Description: Here are selected 2022 transactions of Marigold Corp..Jan.1June 30Dec. 31Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful lifeof 10 years with no salvage value.Sold a computer that was pur

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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Here are selected 2022 transactions of Blue Spruce Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $42,900 and had a useful life of 5 years with no salvage value. The computer was sold for $15,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $35,340. It was depreciated based on a 6-year useful life with a $3,000 salvage value. 1. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Blue Spruce 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…
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wh.ca/d21/le/content/126096/viewContent/7921257/View mitaltar CETIL Situation 4: On March 31, 2017, Wayside Corporation purchased a new piece of manufacturing equipment for $1,615,000. At that time, the estimated useful life of the equipment was five years, with a residual value of $325,000. On August 1, 2020, due to increased competition causing a decreased selling price for its product, Wayside decided to discontinue the product. By December 31, 2020, there was a formal plan in place to sell the equipment, and the equipment qualified for classification as held for sale. At December 31, 2020, the equipment's fair value less costs to sell was $260,000. Due to matters beyond Wayside's control, a potential sale of the equipment fell through in 2021, although consumer confidence in Wayside's product increased significantly because of reported defects in its competitors' products. The equipment remained classified as held for sale at December 31, 2021, when the equipment's fair value less…
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Here are selected 2022 transactions of Flounder Company. Jan. 1 Retried a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $35,500 and had a useful life of 5 years with no salvage value. The computer was sold for $14,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $36,660. 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. Flounder Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries)