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Journalize all entries required on the listed dates

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Reference no: EM132466928

Presented here are selected transactions for Zhou Ltd for the year ended 31 December 2019:

Jan 1

Scrapped a piece of machinery that was purchased on 1 January 2009 at a cash price

of $66,000 (incl. GST). The machinery had a useful of 10 years with no residual value.

June 30

Sold a computer that was purchased on 1 January 2016 for $33,000 cash (Incl. GST).

It had a useful life of 6 years with no residual value. The computer was sold for

$13,200 cash (Inch GST).

Dec. 31

Discarded a delivery truck that was purchased on 1 January 2015 for $22,000 (incl.

GST) cash and was depreciated based on a 6-year useful life with a $2,000 residual

value (there is NO GST on residual value).

Required

Question 1: Journalize all entries required on the listed dates, including entries to update depreciation, and where applicable, on assets disposed of. Zhou Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 31 December 2018 and GST rate is 10%).

Reference no: EM132466928

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