Reference no: EM132326947

Question

Sheridan Company had the following assets on January 1, 2017.

Item Machinery Forklift Truck

Cost $61,060 $25,800 $28,728

Purchase Jan. 1, 2007 Jan. 1, 2014 Jan. 1, 2012

Useful Life(in years) 10 5 8

Salvage Value $0 $0 $2584

During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,320. 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, 2016.

(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.)