Presented below are selected transactions at Marigold Corp. for 2020.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $64,600 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 $37,800. It had a useful life of 5 years with no salvage value. The computer was sold for $13,600.Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,440. 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. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations

Depreciation is an expense which is charged on fixed asset over the useful periods, there are…

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8P: At the beginning of 2020, Holden Companys controller asked you to prepare correcting entries for the...

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Presented below are selected transactions at Marigold Corp. for 2020.

Jan.	1	Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $64,600 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 $37,800. It had a useful life of 5 years with no salvage value. The computer was sold for $13,600.
Dec.	31	Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,440. 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. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations

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