Dinnell Company, with a June 30 year-end, owns the following assets: Asset A B C...
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Dinnell Company, with a June 30 year-end, owns the following assets: Asset A B C Year purchased 2014 2015 2016 Cost $20,000 $40,000 $100,000 Expected life 5 years 8 years 10 years Residual value $2,000 $10,000 Depreciation method SL SYD DDB In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2017, Asset A (equipment) was sold for $7,000. Required: Prepare the journal entries to record depreciation on each asset for 2014 through 2017 and the sale of Asset A. Round all answers to the nearest dollar.
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