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Journalize all entries required on the jan

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Reference no: EM132825298

Presented below are selected transactions at Blue Spruce Company for 2020.

  1. Jan. 1Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,400 on that date. It had a useful life of 10 years with no salvage value.
  2. June 30Sold a computer that was purchased on January 1, 2017. The computer cost $42,900. It had a useful life of 5years with no salvage value. The computer was sold for $15,100.
  3. Dec. 31Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $35,340. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Problem 1: Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Blue Spruce Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31,

Reference no: EM132825298

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