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Journalize all entries required on the given dates

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Question - 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 $10,700. The truck was discarded on December 31.

Item

Cost

Purchase Date

Useful Life (in years)

Salvage Value

Machinery

$58,000

Jan. 1, 2012

10

$0

Forklift

17,000

Jan. 1, 2019

5

0

Truck

23,400

Jan. 1, 2017

8

3,000

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.

Reference no: EM132435513

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