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Question - Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019.
1 July 2018 Retired a piece of machinery that was purchased on 1 July 2008. The machine cost $62,000 on that date. It had a useful life of 10 years with no residual value.
1 Jan. 2019 Sold a computer that was purchased on 1 July 2015. The computer cost $35,000. It had a useful life of 5 years with no residual value. The computer was sold for $12,000.
30 June 2019 Discarded a delivery truck that was purchased on 1 July 2014. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 residual value.
Required - Journalise all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tongun Company uses straight-line depreciation. (Assume depreciation is up to date as of 30 June 2018.)
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