Reference no: EM132485029

Sold the following assets on January 1, 2022.

Item        Cost     Purchase Date          Useful Life

(in years)Salvage Value

Machinery $76,000 Jan. 1, 2012 10 years $0 value

Forklift 35,000 Jan. 1, 2019 5 years $0 value

Truck 41,400 Jan. 1, 2017 8 years $3,000 value

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,500. The truck was discarded on December 31.

Question 1: Prepare a Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Attachment:- transaction.zip