Question

Here are selected 2022 transactions of Concord Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,300 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2020. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,400 cash. Dec. 31 Sold a delivery truck for $9.450 cash. The truck cost $24,700 when it was purchased on January 1, 2019, and was deprediated based on a 5-year useful life with a $4,100 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Concord 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. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation expense)

Answer 1

Date	Account and explanation	Debit	Credit
Jan-01	Accumulated Depreciation	$61,300
	Machinery		$61,300
	(To machinery retired on Jan 1)
Jun-30	Depreciation expenses($8,750*6/12)	$4,375
	Accumulated Depreciation($8,750*6/12)		$4,375
	(To depreciation charged for 6 months for 2022)
Jun-30	Cash	$4,400
	Accumulated Depreciation($8,750*2 + $4,375)	$21,875
	Loss on disposal of Computer	$8,725
	Computer		$35,000
	(To Computer disposed with loss)
Dec-31	Depreciation expenses	$4,120
	Accumulated Depreciation		$4,120
	(To depreciation charged for year)
Dec-31	Cash	$9,450
	Accumulated Depreciation	$16,480
	Loss on disposal of truck	$1,230
	Truck		$24,700
	(To record sale of truck in loss)