50.1K

Verified Solution

Link Copied!

Presented here are selected transactions for Ivanhoe Limited for 2021. Ivanhoe uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck for $19.480 cash. The truck cost $63,080 when it was purchased on January 1,2018 , and was depreciated based on a four-year useful life with a $5,600 residual value. Sept.1 Sold computers that were purchased on January 1, 2019. They cost $11,754 and had a useful life of three years with no residual value. The computers were sold for $450 cash. Dec. 30 Retired equipment that was purchased on January 1, 2012. The equipment cost $148,100 and had a useful life of 10 . years with no residual value. No proceeds were received. (a) 2 Your answer is partially correct. Record the above transactions. (List all debit entries before credit entries. 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 Jan1 Accumulated Depreciation - Vehicles Loss on Disposal \begin{tabular}{|r|} \hline 43110 \\ \hline \end{tabular} Vehicles: Sept. 1 (To record depreciation expense) 1 (To record the sale of equipment for cash) (To record the sale of equipment for cash) Dec. 30 (To record depreciation expense) 30 (To record the retirement of equipment) eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit

Answer & Explanation Solved by verified expert

See Answer