Exercise 9-8 Your answer is correct. 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 $61,970 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 $36,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,190 cash. Dec. 31 Sold a delivery truck for $9,180 cash. The truck cost $24,610 when it was purchased on January 1, 2009, and was depreciated based on a 5-year useful life with a $3,340 salvage value. 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Exercise 9-8

 

	Your answer is correct.

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 $61,970 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 $36,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,190 cash.
Dec. 31		Sold a delivery truck for $9,180 cash. The truck cost $24,610 when it was purchased on January 1, 2009, and was depreciated based on a 5-year useful life with a $3,340 salvage value.

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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

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