Presented below are selected transactions at novak corp. for 2020. jan. 1 retired a piece of machinery that was purchased on january 1, 2010. the machine cost $62,300 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, 2017. the computer cost $42,600. it had a useful life of 5 years with no salvage value. the computer was sold for $13,400. dec. 31 discarded a delivery truck that was purchased on january 1, 2016. the truck cost $42,300. 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. novak corp. uses straight-line depreciation. (assume depreciation is up to date as of december 31, 2019.)
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Presented below are selected transactions at novak corp. for 2020. jan. 1 retired a piece of machine...
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