Reference no: EM132489735

Here are selected 2017 transactions of Sheffield Corporation.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 and had a useful life of 10 years with no salvage value.

June Sold a computer that was purchased on January 1, 2015. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for
30 55,900 cash.

Dec. Sold a delivery truck for $9,210 cash. The truck cost $23,000 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a
31 $4,000 salvage value.

Question 1: Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Sheffield Corporation uses straight-line depreciation. (II a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)