(Answered) Question - presented below are selected transactions at

Accounting

Question - Presented below are selected transactions at Ingles Company for 2008.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 1998. The machine cost $66,794 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, 2005. The computer cost $44,802. It had a useful life of 5 years with no salvage value. The computer was sold for $18,695.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2004. The truck cost $40,700. It was depreciated based on a 6-year useful life with a $4,500 salvage value.

Instructions - Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2007.)

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