Journalize all entries required on the dates

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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.

Reference no: EM133104214

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