Here are selected 2022 transactions of Tamarisk, Inc.. Jan. 1 June 30 Retired a piece...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Here are selected 2022 transactions of Tamarisk, Inc.. Jan. 1 June 30 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,700 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $41,700 and had a useful life of 3 years with no salvage value. The computer was sold for $5,100 cash. Sold a delivery truck for $10,000 cash. The truck cost $36,050 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Tamarisk, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Do not round intermediate calculations.) Date Debit Credit Account Titles and Explanation Accumulated Depreciation Equipment Jan. 1 Equipment June 30 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation to date of disposal) June 30 (To record sale of computer) Dec. 31 (To record depreciation to date of disposal) Dec. 31
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!