Presented below are selected transactions for the Wildhorse Company for 2023. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $135,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $68,400 that was purchased on January 1, 2020. The equipment cost $189,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased on June 30, 2019. The equipment cost $75,600 and was depreciated on a 5-year useful life with a salvage value of $3,600. Journalize all entries required as a result of the above transactions. Wildhorse Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Presented below are selected transactions for the Wildhorse Company for 2023. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $135,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $68,400 that was purchased on January 1, 2020. The equipment cost $189,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased on June 30, 2019. The equipment cost $75,600 and was depreciated on a 5-year useful life with a salvage value of $3,600. Journalize all entries required as a result of the above transactions. Wildhorse Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
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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