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PROBLEM 7 Presented below are selected transactions for the...

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PROBLEM 7 Presented below are selected transactions for the Tinker Company for 2013. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2003. The equipment COst $75,000 on that date, accumulated depreciation of $75,000 and had a useful life of 10 years with no salvage value. Sold equipment for $35,000 that was purchased on January 1, 2010. The equipment cost $90,000, accumulatd depreciation on 1/1/13 of $54,000 and had a useful life of 5 years with no salvage value. April 30 Discarded equipment that was purchased on January 1, 2009. The equipment cost $35,000- Dec. 31 - accumulated depreciation on 1/1/13 was $28,000 and was depreciated on a 5-year useful life. Journalize all entries required as a result of the above transactions. Tinker Company uses th straight-line method of depreciation and has recorded depreciation through December 31, 2012 Instructions Jan. April 30 Dec. 31

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