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Pharoah Company had the following assets on January 1, 2022. Item Cost Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Machinery $75,000 Forklift 34,000 Truck 40,400 Useful Life (in years) 10 5 8 Salvage Value $0 0 3,000

Pharoah Company had the following assets on January 1, 2022. Item Cost Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Machinery $75,000 Forklift 34,000 Truck 40,400 Useful Life (in years) 10 5 8 Salvage Value $0 0 3,000

FINANCIAL ACCOUNTING
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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Pharoah Company had the following assets on January 1, 2022. Item Machinery $75,000 34,000 Forklift Truck Cost Date Jan. 1 40,400 + Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Useful Life (in years) 10 5 8 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,400. The truck was discarded on December 31. Salvage Value $0 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 0 Account Titles and Explanation 3,000 Debit Credit
Transcribed Image Text:Pharoah Company had the following assets on January 1, 2022. Item Machinery $75,000 34,000 Forklift Truck Cost Date Jan. 1 40,400 + Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Useful Life (in years) 10 5 8 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,400. The truck was discarded on December 31. Salvage Value $0 Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 0 Account Titles and Explanation 3,000 Debit Credit
◆ (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on truck) (To record sale of truck)
Transcribed Image Text:◆ (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on truck) (To record sale of truck)
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