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Journalize all entries required on the dates

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Reference no: EM132800061

Problem - Presented are selected 2020 transactions of Apple Inc.

Jan 1 Retired a piece of machinery that was purchased on January 2, 2010. The machine cost $62,000 and had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2018. The computer cost was $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for cash $5,000.

Dec 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2017, and was depreciated based on a 5-year useful life with a $4,000 salvage value.

Required - Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Apple Inc. uses the straight-line depreciation.

Reference no: EM132800061

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