Question Details

(Solved by Expert Tutors) Here are selected 2014 transactions of Cleland Corporation.



Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,120?and had a useful life of?10?years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $36,200?and had a useful life of?4?years with no salvage value. The computer was sold for $5,280?cash.
Dec. 31 Sold a delivery truck for $9,030?cash. The truck cost $25,180?when it was purchased on January 1, 2011, and was depreciated based on a?5-year useful life with a $3,660?salvage value.



Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)


Date Account Titles and Explanation Debit Credit
?Dec. 31June 30Jan. 1EAT_1344577882499_0_849200562553984_002 Accumulated Depreciation-Equipment
Equipment
?June 30Jan. 1Dec. 31EAT_1344577882499_0_849200562553984_019 Depreciation Expense
Accumulated Depreciation-Equipment
(To record depreciation expense for the first 6 months of 2014)
Accumulated Depreciation-Equipment
Cash
Loss on Disposal of Plant Assets
Equipment
?Dec. 31June 30Jan. 1EAT_1344577882499_0_849200562553984_060 Depreciation Expense
Accumulated Depreciation-Equipment
(To record depreciation expense for the year 2014)
Accumulated Depreciation-Equipment
Cash
Equipment
Gain on Disposal of Plant Assets


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