XACC 280 E10-9 Presented below are selected transactions at Ingles Company for 2008. Jan. 1
Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley. Axia College of University of Phoenix (UoP)
E10-9 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 $62,000 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 $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2004. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
Instructions
Journalize entries for disposal of plant assets. 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.)
E10-9 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 $62,000 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 $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2004. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
Instructions
Journalize entries for disposal of plant assets. 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.)
File name: E10-9-Ingles-Company.doc File type: application/msword Price: $4
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