Acc557 Financial Accounting: E9-9 Presented below are selected transactions at Tomas Company

Acc557 Financial Accounting

EXERCISE 9-9
Presented below are selected transactions at Tomas Company for 2014.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful life of 10 years with no salvage value.
30-Jun Sold a computer that was purchased on January 1, 2011. 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, 2010. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tomas Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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