(Answered) Exercise - presented below are selected transactions at

Accounting

Exercise - Presented below are selected transactions at Ingles Company for 2010.

Jan1 Retire a piece of machinery that was purchase on January 1, 2000. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2007. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $18,000.

Dec. 31 Sold a delivery truck that was purchased on January 1, 2006. The truck cost $39,000. It was depreciated bases on a 6 years useful life with a $3,000 salvage value. The truck was sold for $12,000.

Instructions: Journalize all entries required on the above dates, including entries to update depreciation were applicable, on assets disposed of Ingles Comp uses straight line depreciation. Assume depreciation is up to date on the books as of December 31, 2009.

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