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CASE Three Presented below are selected transactions at Ridge Company: January 1 Retired a piece...

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CASE Three Presented below are selected transactions at Ridge Company: January 1 Retired a piece of machinery that was purchased on January 1, 2010. 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, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Requirements Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight line depreciation. (Assume depreciation is up to date as of December 31, 2019.)

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