Reference no: EM132593868

Question - 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 $62,000 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 $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.Using Excel or on your own paper, journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of.

Ridge Company uses straight depreciation; assume depreciation is up to date as of December 31, 2014. Once the accounting cycle is complete, by what total dollar amount will these transactions impact the company's net income for 2015? Enter a positive number to indicate an increase to net income or a negative number to indicate a decrease to net income.