Here are selected 2022 transactions of Swifty Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $43,500 and had a useful life of 5 years with no salvage value. The computer was sold for $15,200 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,080. 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 on assets disposed of where applicable. Swifty Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

Here are selected 2022 transactions of Swifty Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $43,500 and had a useful life of 5 years with no salvage value. The computer was sold for $15,200 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,080. 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 on assets disposed of where applicable. Swifty Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

Name: Here are selected 2022 transactions of Swifty Company.Jan. 1 Retired
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Description: Here are selected 2022 transactions of Swifty Company.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful lifeof 10 years with no salvage value.June 30Dec. 31Sold a computer that was p

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...

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Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of $12,000. Chapmans depreciation expense for 2019 was $11,000. What was the original cost of the building? a. $98,000 b. $110,000 c. $122,000 d. $134,000
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