E9-9_Presented below are selected transactions at Ingles Company for 2011_Answer

E9-9_Presented below are selected transactions at Ingles Company for 2011_Answer

E9-9_Presented below are selected transactions at Ingles Company for 2011_Answer


E9-9
Presented below are selected transactions at Ingles Company for 2011.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2001. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2008. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2007. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Journalize entries for disposal of plant assets.
(SO 6)

Instructions
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2010.)

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