Reference no: EM1356343
The Houston Company has the following entries to be made for 12/31/06. Assume all depreciation is current as of the end of 2005. Prepare all journal entries, including depreciation for 2006 as needed. Use Straight Line Depreciation, unless otherwise noted.
a. January 31- Discarded a machine that was purchased on 1/1/02. Machine cost $50,000 with a five year useful life and $5,000 salvage value.
b. June 30 - Sold a truck that was purchased on 1/1/03. Truck cost $20,000 with a five year useful life, no salvage value. Truck was sold for $2,000.
c. October 31 - Purchased a machine for $200,000 with a 10 year useful life.
d. December 31-Make the entry for a machine purchased in 2004 for $100,000. Depreciation is based on Activity Method. Useful life is 50,000 units, with atotal of 23,000 units produced as of 12/31/05, 10,000 units produced in 2006.
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