DateJan. 1June 30Account Titles and ExplanationAccumulated Depreciation-EquipmentEquipment(To record depreciation to date of disposal)(To record sale of computer)(To record depreciation to date of disposal)(To record retirement of truck)Debit62000JOOD JOULDCredit62000100000 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 purchased on January 1, 2020. The computer cost $39,600 and had a useful life of 3 yearswith 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 wasdepreciated 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 areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.)

Sale of Asset result in derecognizing of Asset, reversal of Accumulated Depreciation and recording…

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 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. Do not round intermediate calculations.)

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 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. Do not round intermediate calculations.)

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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