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Presented here are selected transactions for CupCake Ltd for 2018. 1st January Scrapped a piece of machinery that was purchased on 1 January 2008. The machine cost $52,000 and had a useful like of 10 years with no residual value.
30th June Sold a computer that was purchased on 1 January 2015. The computer cost $49,000 and had a useful life of 7 years with no residual value. The computer was sold for $31,000.
31st December Discarded a delivery truck that was purchased on 1 January 2014. The truck cost $27,000 and was depreciated based on an 8-year useful life with a $3,000 residual value.
Problem 1: Ignore GST. Journalise all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. CupCake uses straight-line depreciation. The reporting period ends on 31 December.
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