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hello, I need help with straight line depreciation calculations for 2 out of 3 questions on the attached screen shots.  I can't seem to figure out the amounts for the following two journal entries for 2020: JUNE 30 - Computer sold I'm not sure if my entries are correct, CAN I HAVE A DETAILED EXPLANATION TO CHECK MY WORK?  The one below, delivery truck, has stumped me. I can't figure it out. A detailed explanation would be so appreciated!  DECEMBER 31 - Delivery Truck discarded: Accumulated deprecation (Debit) ? Loss on Disposal of Plant Assets (Debit) ? Equipment    (Credit) $33,000 TRANSACTIONS/problem: "Transactions for Ridge Company for 2020: Jun. 30 - Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value.  The computer was sold for $14,000. Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2016.  The truck cost $33,000.  It was depreciated based on a 6 year useful life with a $3,000 salvage value. The company uses straight line depreciation (assume depreciation is up to date as of December, 31, 2019).

hello, I need help with straight line depreciation calculations for 2 out of 3 questions on the attached screen shots.  I can't seem to figure out the amounts for the following two journal entries for 2020: JUNE 30 - Computer sold I'm not sure if my entries are correct, CAN I HAVE A DETAILED EXPLANATION TO CHECK MY WORK?  The one below, delivery truck, has stumped me. I can't figure it out. A detailed explanation would be so appreciated!  DECEMBER 31 - Delivery Truck discarded: Accumulated deprecation (Debit) ? Loss on Disposal of Plant Assets (Debit) ? Equipment    (Credit) $33,000 TRANSACTIONS/problem: "Transactions for Ridge Company for 2020: Jun. 30 - Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value.  The computer was sold for $14,000. Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2016.  The truck cost $33,000.  It was depreciated based on a 6 year useful life with a $3,000 salvage value. The company uses straight line depreciation (assume depreciation is up to date as of December, 31, 2019).

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter9: Depreciation (deprec)
Section: Chapter Questions
Problem 4R: To test your formulas, assume the machine purchased had an estimated useful life of three years...
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hello,

I need help with straight line depreciation calculations for 2 out of 3 questions on the attached screen shots.  I can't seem to figure out the amounts for the following two journal entries for 2020:

JUNE 30 - Computer sold

I'm not sure if my entries are correct, CAN I HAVE A DETAILED EXPLANATION TO CHECK MY WORK? 

The one below, delivery truck, has stumped me. I can't figure it out. A detailed explanation would be so appreciated! 

DECEMBER 31 - Delivery Truck discarded: Accumulated deprecation (Debit) ?

Loss on Disposal of Plant Assets (Debit) ?

Equipment    (Credit) $33,000

TRANSACTIONS/problem:

"Transactions for Ridge Company for 2020:

Jun. 30 - Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value.  The computer was sold for $14,000.


Dec. 31 - Discarded a delivery truck that was purchased on January 1, 2016.  The truck cost $33,000.  It was depreciated based on a 6 year useful life with a $3,000 salvage value.

The company uses straight line depreciation (assume depreciation is up to date as of December, 31, 2019). "

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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