Reference no: EM132581470

Selected 2022 transactions of Sheffield Corporation.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2020. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,900 cash.

Dec. 31 Sold a delivery truck for $9,210 cash. The truck cost $23,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $4,000 salvage value.

Question 1: Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Sheffield Corporation uses straight-line depreciation.