Business, 19.03.2021 18:20 kayolaaaa53

Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $73,000 Jan. 1, 2012 10 $0
Forklift 32,000 Jan. 1, 2019 5 0
Truck 38,400 Jan. 1, 2017 8 3,000

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,200. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, no disposed assets.

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Answer from: CJohnson9552

Machinery

Journal 1 - Recognizing disposal

Debit : Accumulated Depreciation $73,000

Credit : Cost $73,000

Forklift

Journal 1 - Updating Depreciation

Debit : Depreciation expense $3,200

Credit : Accumulated depreciation $3,200

Journal 2 - Recognizing disposal

Debit : Cash $12,200

Debit : Accumulated Depreciation $22,400

Credit : Cost $32,000

Credit : Profit and Loss (profit on sale) $2,600

Truck

Journal 1 - Updating Depreciation

Debit : Depreciation expense $4,425

Credit : Accumulated Depreciation $4,425

Journal 2 - Recognizing disposal

Debit : Accumulated Depreciation $26,550

Debit : Profit and Loss (Loss on disposal) $46,450

Credit : Cost $73,000

Explanation:

Note : I will assume the straight line method for all the assets above for depreciation purposes.

therefore,

Depreciation = Cost - Salvage Value ÷ Useful Life

Machinery

Annual Depreciation = $7,300

Accumulated Depreciation to date of disposal = $73,000

Forklift

Annual Depreciation = $6,400 ($3,200 for 2022)

Accumulated Depreciation to date of disposal = $22,400

Truck

Annual Depreciation = $4,425

Accumulated Depreciation to date of disposal = $26,550

Answer from: Quest

answer; rapid growth in buyer demand and high buyer switching cost;

Answer from: Quest

In the 10th grade, i was teamed up in a group of four. our project was on modern history. altho it seemed super hard for many of us. patrick fleming took charge and showed us the understanding of this project. his leadership showed great ethics and it taught me, personally, how to others understand, not just to show them, but explain it thoroughly. and altho he was a great teacher i would have changed a few things. one being his attitude. many times he would get frustrated and impatient with the group. i think a leader i would have done exactly what he did but with much more patience and be there more to explain. such as lunch learning. and giving everybody a chance to try to explain it in their head.

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Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in...