Journalize all entries required on the given dates

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Question - Presented below are selected transactions at Pronghorn Company for 2020.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $60,700 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $41,600. It had a useful life of 5 years with no salvage value. The computer was sold for $13,600.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $42,660. 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, where applicable, on assets disposed of. Pronghorn Company uses straight-line depreciation.

Reference no: EM132211425

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