Reference no: EM133131010

Question - Here are selected 2020 transactions of Fauwens Corporation:

Jan. 1 Retired a piece of furniture that was purchased on January 1, 2010. The furniture cost $58,000 and had a useful life of 10 years with no residual value.

Jun. 30 Sold equipment that was purchased on January 1, 2018. The equipment cost $36,900 and had a useful life of 3 years with no residual value. The equipment was sold for $5,000 cash.

Dec. 31 Sold a vehicle for $8,000 cash. The vehicle cost $24,000 when it was purchased on January 1, 2017, and was depreciated based on a 5-year useful life with a $3,000 residual value.

Fauwens Corporation uses straight-line depreciation.

Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.