am. 120. Here are selected 2022 transactions of Flint Corporation.Jan. 1June30Dec. 31Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,900 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 $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for$4,600 cash.Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a$3,500 salvage value.Prepare a tabular summary to record all transactions described on the above dates. Depreciation was last recorded on December 31, 2021. Update depreciation on assets disposedof, where applicable. Flint Corporation uses straight-line depreciation. (If a transaction causes a decrease In Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) Infront of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Name: am. 120. Here are selected 2022 transactions of Flint Corporation.Jan.
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Description: am. 120. Here are selected 2022 transactions of Flint Corporation.Jan. 1June30Dec. 31Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,900 and had a useful life of 10 years with no salvage value.Sold a computer

Straight-line method of depreciation -An asset's value is steadily decreased over time using the…

Business

Accounting

Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,900 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 $36,400 and had a useful life of 4 years with no salvage value. The computer w $4,600 cash. Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life $3,500 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Depreciation was last recorded on December 31, 2021. Update depreciation on asse of, where applicable. Flint Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or po front of the amount entered for the particular Asset. Liability or Faulty item that was reduced)

Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,900 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 $36,400 and had a useful life of 4 years with no salvage value. The computer w $4,600 cash. Sold a delivery truck for $9,470 cash. The truck cost $24,500 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life $3,500 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Depreciation was last recorded on December 31, 2021. Update depreciation on asse of, where applicable. Flint Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or po front of the amount entered for the particular Asset. Liability or Faulty item that was reduced)

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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