Problem 9-03A Sunland Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life(in years) Salvage Value Machinery $77,000 Jan. 1, 2012 10 $ 0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 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 $12,600. The truck was discarded on December 31.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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1June 30Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount (To record depreciation expense on forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount (To record sale of forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount (To record depreciation expense on truck) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount (To record sale of truck)

Problem 9-03A Sunland Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life(in years) Salvage Value Machinery $77,000 Jan. 1, 2012 10 $ 0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 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 $12,600. The truck was discarded on December 31.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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 1June 30Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount enter an account title to record depreciation expense on forklift enter a debit amount enter a credit amount (To record depreciation expense on forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount enter an account title to record sale of forklift on June 30 enter a debit amount enter a credit amount (To record sale of forklift) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount enter an account title to record depreciation expense on truck enter a debit amount enter a credit amount (To record depreciation expense on truck) choose a transaction date Jan. 1June 30Dec. 31 enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount enter an account title to record sale of truck on December 31 enter a debit amount enter a credit amount (To record sale of truck)

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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Problem 9-03A

Sunland Company had the following assets on January 1, 2022.

Item	Cost	Purchase Date	Useful Life (in years)	Salvage Value
Machinery	$77,000	Jan. 1, 2012	10	$ 0
Forklift	36,000	Jan. 1, 2019	5	0
Truck	42,400	Jan. 1, 2017	8	3,000

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 $12,600. The truck was discarded on December 31.

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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

Jan. 1June 30Dec. 31

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

Jan. 1June 30Dec. 31

enter an account title to record depreciation expense on forklift

enter a debit amount

enter a credit amount

enter an account title to record depreciation expense on forklift

enter a debit amount

enter a credit amount

(To record depreciation expense on forklift)

choose a transaction date

Jan. 1June 30Dec. 31

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

enter an account title to record sale of forklift on June 30

enter a debit amount

enter a credit amount

(To record sale of forklift)

choose a transaction date

Jan. 1June 30Dec. 31

enter an account title to record depreciation expense on truck

enter a debit amount

enter a credit amount

enter an account title to record depreciation expense on truck

enter a debit amount

enter a credit amount

(To record depreciation expense on truck)

choose a transaction date

Jan. 1June 30Dec. 31

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

enter an account title to record sale of truck on December 31

enter a debit amount

enter a credit amount

(To record sale of truck)

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