Journalize all entries required on the above dates

Reference no: EM131125015

Jan. 1		Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,140 and had a useful life of 10 years with no salvage value.
June 30		Sold a computer that was purchased on January 1, 2012. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $5,610 cash.
Dec. 31		Sold a delivery truck for $9,050 cash. The truck cost $24,990 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,870 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31Jan. 1June 30

June 30Dec. 31Jan. 1

	(To record depreciation expense for the first 6 months of 2014)




Dec. 31Jan. 1June 30

	(To record depreciation expense for the year 2014)

Reference no: EM131125015

Questions Cloud

Why is this design the best fit for this office situation : Assume you are a supervisor. How would you work within each of these situations with your employees to increase employee motivation? How would your decisions be affected by each person-situation dyad?

The tax consequences to falcon of the net income : Falcon Basketball League, an exempt organization, is a youth basketball league for children ages 12 through 14. The league has been in existence for 30 years.

Calculate the molal freezing point constant for the solvent : 2.0 moles of a nonelectrolyte solute are added to 1.0 kg of an unknown solvent. The freezing point is depressed by 7.9 K. Calculate the molal freezing point constant (Kf?) for this solvent.

What is nitrogen balance : What is nitrogen balance- would a low protein diet increase or decrease the protein needs

Journalize all entries required on the above dates : Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statem..

Why have matriculated into applied doctorate degree program : Why you have matriculated into this applied doctorate degree program and How successful completion of the program will help you meet your personal and professional goals, as well as advance your career

How would you apply the lessons learned from this article : How would you apply the lessons learned from this article to overcome political obstacles to another health initiative such as those dealing with obesity, climate change, HIV or other public health problem?

What is the maximum loss for the writer : An investor writes a put with a premium p = $1.40 and a strike price, X = $35. The current market price of the stock is $37.50. What is the breakeven price of ST for the writer? What is the maximum loss for the writer? What is the maximum profit for ..

How much will he have to pay : He pays $50 per month in premiums and his deductible is $2,500. If he is involved in an accident that does $2,000 worth of damage to the boat, how much will he have to pay?

User Account

All Pages