Presented below are selected transactions from Brennan Company for 2015. Amortization is calculated on a straight-line basis. You will have to calculate accumulated amortization. Journalize each transaction. a) On January 1, the company retired a piece of machinery that was purchased on January 1, 2009 for $6 000. It had a useful life of six years and no residual value. b) On June 30, the company sold a computer purchased on January 1, 2010. It was sold for $600. The computer cost $4 000 and had a useful life of six years with a residual value of $250. c) On January 1, the company discarded a delivery truck that was purchased on January 1, 2010. The truck cost $30 000. It was amortized based on a six-year useful life with a $3 000 residual value.

Presented below are selected transactions from Brennan Company for 2015. Amortization is calculated on a straight-line basis. You will have to calculate accumulated amortization. Journalize each transaction. a) On January 1, the company retired a piece of machinery that was purchased on January 1, 2009 for $6 000. It had a useful life of six years and no residual value. b) On June 30, the company sold a computer purchased on January 1, 2010. It was sold for $600. The computer cost $4 000 and had a useful life of six years with a residual value of $250. c) On January 1, the company discarded a delivery truck that was purchased on January 1, 2010. The truck cost $30 000. It was amortized based on a six-year useful life with a $3 000 residual value.

Name: Brennan CompanyPresented below are selected transactions fromBrennan
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Description: Brennan CompanyPresented below are selected transactions fromBrennan Company for 2015. Amortization iscalculated on a straight-line basis. You will have tocalculate accumulated amortization. Journalizeeach transaction.a) On January 1, the company re

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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