Exercise 9-8
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,270 and had a useful life of 10 years with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2012. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,100 cash.
Dec. 31
Sold a delivery truck for $9,190 cash. The truck cost $24,540 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,330 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland 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.)
