Reference no: EM131771667

Problem - Presented below are selected transactions at Ridge Company for 2015.

Jan. 1 - Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $62,900 on that date. It 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 $36,050. It had a useful life of 5 years with no salvage value. The computer was sold for $14,110.

Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $44,580. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Journalize all entries required on the above dates, inducing entries to update depreciation, where applicable, on assets disposed of Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.)