Oriole Company had the following assets on January 1, 2022. Item...
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Accounting
Oriole Company had the following assets on January 1, 2022.
Item
Cost
Purchase Date
Useful Life (in years)
Salvage Value
Machinery
$62,000
Jan. 1, 2012
10
$ 0
Forklift
21,000
Jan. 1, 2019
5
0
Truck
27,400
Jan. 1, 2017
8
3,000
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 $11,100. The truck was discarded on December 31. 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.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
enter an account title to record depreciation expense on forklift
enter a debit amount
enter a credit amount
enter an account title to record depreciation expense on forklift
enter a debit amount
enter a credit amount
(To record depreciation expense on forklift)
choose a transaction date
enter an account title to record sale of forklift on June 30
enter a debit amount
enter a credit amount
enter an account title to record sale of forklift on June 30
enter a debit amount
enter a credit amount
enter an account title to record sale of forklift on June 30
enter a debit amount
enter a credit amount
enter an account title to record sale of forklift on June 30
enter a debit amount
enter a credit amount
(To record sale of forklift)
choose a transaction date
enter an account title to record depreciation expense on truck
enter a debit amount
enter a credit amount
enter an account title to record depreciation expense on truck
enter a debit amount
enter a credit amount
(To record depreciation expense on truck)
choose a transaction date
enter an account title to record sale of truck on December 31
enter a debit amount
enter a credit amount
enter an account title to record sale of truck on December 31
enter a debit amount
enter a credit amount
enter an account title to record sale of truck on December 31
enter a debit amount
enter a credit amount
Answer & Explanation
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