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Question - Here are selected 2022 transactions of Monty Company.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,100 and had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $38,500 and had a useful life of 5 years with no salvage value. The computer was sold for $16,000 cash.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $37,920. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Monty Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.
Review and reflect on the knowledge you have gained from this course. Based on your review and reflection, write at least three paragraphs - What were the most compelling topics learned in this course?
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