Here are selected 2012 transactions of Eghan Corporation

Here are selected 2012 transactions of Eghan Corporation.

Jan. 1     Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $61,025 and had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2010. The computer cost $33,833 and had a useful life of 3 years with no salvage value. The computer was sold for $4,477 cash.

Dec. 31 Sold a delivery truck for $9,030 cash. The truck cost $27,089 when it was purchased on January 1, 2009, and was depreciated based on a 5-year useful life with a $2,830 salvage value.

Required:

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Eghan Corporation uses straight-line depreciation.

 

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