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Create a journal entry to record depreciation from january

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Reference no: EM133010797

The following are some transactions of Wildhorse Company for 2021. Wildhorse Company uses straight-line depreciation and has a December 31 year end.

Apr. 1
Retired a piece of equipment that was purchased on January 1, 2012, for $ 50,000. The equipment had an expected useful life of 10 years with no residual value.

July 30
Sold equipment for $ 1,300 cash. The equipment was purchased on January 3, 2019, for $ 13,680 and was depreciated over an expected useful life of three years with no residual value.

Nov. 1
Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2015, at a cost of $ 34,800. The estimated useful life was eight years and the estimated residual value was $ 6,000. The fair value of the old vehicle was $ 8,500 on November 1, 2021.

Problem 1: For each of these disposals, create a journal entry to record depreciation from January 1, 2021, to the date of disposal, if required.

Reference no: EM133010797

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