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Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.

Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.
Transcribed Image Text:Ex. 259 Presented below are selected transactions for Werley Company for 2021. Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2011. The machine cost $90,000 on that date, and had a useful life of 10 years with no salvage value. Jan. 1 Sold equipment for $34,000 that was purchased on January 1, 2018. The equipment cost $90,000, and had a useful life of 5 years with no salvage value. April 30 Discarded a business automobile that was purchased on April 1, 2017. The car cost $27,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Dec. 31 Instructions Journalize all entries required as a result of the above transactions. Werley Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2020.
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