Wildhorse Co. had the following assets on January 1, 2022.
Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $80,000 Jan. 1, 2012 10 $0
Forklift 39,000 Jan. 1, 2019 5 0
Truck 45,400 Jan. 1, 2017 8 3,000
During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,900. The truck was discarded on December 31.
Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets.
Answers: 1
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Wildhorse Co. had the following assets on January 1, 2022.
Item Cost Purchase Date Useful Life (in...
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