ce Presented below are selected transactions at Ridge Company for 2017 Jan. 1 Re

Question

ce Presented below are selected transactions at Ridge Company for 2017 Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $64,500 on that date. It had a useful lfe of 10 years with no salvage value. une 30 Sold a computer that was purchased on January 1, 2014. The computer cost $35,400. It had a useful life of 5 years with no salvage value. The computer was sold for $14,900. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $35,880. It was depreclated based on a 6-year useful ife with a $3,000 salvage value. in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round

Explanation / Answer

Date Partciculars Debit Credit 1-Jan Accumulated Depreciation $64,500 Equipment $64,500 30-Jun Depreciation Expense $3,540 Accumulated Depreciation $3,540 (To record depreciation to date of disposal) 30-Jun Cash $14,900 Accumulated Depreciation $24,780 Gain on Disposal of Plant Assets $4,280 Equipment $35,400 (To record sale of computer) 31-Dec Depreciation Expense $5,480 Accumulated Depreciation $5,480 (To record depreciation to date of disposal) 31-Dec Loss on Disposal of Plant Assets $8,480 Accumulated Depreciation $27,400 Equipment $35,880 (To record retirement of truck)

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