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Presented below are selected transactions at Tongun Ltd for the 2013-2014 financial year.
July 1 2013 Retired a piece of machinery that was purchased on 1 July 2003. The machine cost $62000 on that date. It had a useful life of 10 years with no residual value.
Jan. 1 2014 Sold a computer that was purchased on 1 July 2010. The computer Cost $35 000. It had a useful life of 5 years with no residual value. The computer was sold for $12000.
June 30 2014 Discarded a delivery truck that was purchased on 1 July 2€09. The truck cost $33 000. It was depreciated based on a 6-year useful life with a $3000 residual value.
Required
Journalize all entries required on the above dates, including entries to update depreciation where applicable, on assets disposed of. Tongun Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 30 June 2013.)
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