Rane Company had the following assets on January 1, 2017.
Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $69,580 Jan. 1, 2007 10 $0
Forklift 29,400 Jan. 1, 2014 5 0
Truck 32,736 Jan. 1, 2012 8 2,944
During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,760. The truck was discarded on December 31.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016.
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Rane Company had the following assets on January 1, 2017.
Item Cost Purchase Date Useful Life (in y...
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