Problem 9-03A Sunland Company had the following assets on January 1, 2022. Item   Cost   Purchase Date   Useful Life(in years)   Salvage Value Machinery   $77,000   Jan. 1, 2012   10   $ 0 Forklift   36,000   Jan. 1, 2019   5   0 Truck   42,400   Jan. 1, 2017   8   3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on December 31.Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date  Jan. 1June 30Dec. 31 enter an account title   enter a debit amount   enter a credit amount     enter an account title   enter a debit amount   enter a credit amount   choose a transaction date  Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on forklift   enter a debit amount   enter a credit amount     enter an account title to record depreciation expense on forklift   enter a debit amount   enter a credit amount     (To record depreciation expense on forklift)     choose a transaction date  Jan. 1June 30Dec. 31 enter an account title to record sale of forklift on June 30   enter a debit amount   enter a credit amount     enter an account title to record sale of forklift on June 30   enter a debit amount   enter a credit amount     enter an account title to record sale of forklift on June 30   enter a debit amount   enter a credit amount     enter an account title to record sale of forklift on June 30   enter a debit amount   enter a credit amount     (To record sale of forklift)     choose a transaction date  Jan. 1June 30Dec. 31 enter an account title to record depreciation expense on truck   enter a debit amount   enter a credit amount     enter an account title to record depreciation expense on truck   enter a debit amount   enter a credit amount     (To record depreciation expense on truck)     choose a transaction date  Jan. 1June 30Dec. 31 enter an account title to record sale of truck on December 31   enter a debit amount   enter a credit amount     enter an account title to record sale of truck on December 31   enter a debit amount   enter a credit amount     enter an account title to record sale of truck on December 31   enter a debit amount   enter a credit amount     (To record sale of truck)

Question

Problem 9-03A

Sunland Company had the following assets on January 1, 2022.

Item   Cost   Purchase Date   Useful Life
(in years)
  Salvage Value
Machinery
  $77,000   Jan. 1, 2012   10   $ 0
Forklift
  36,000   Jan. 1, 2019   5   0
Truck
  42,400   Jan. 1, 2017   8   3,000

During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on December 31.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (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 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
 Jan. 1June 30Dec. 31
enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 
choose a transaction date
 Jan. 1June 30Dec. 31
enter an account title to record depreciation expense on forklift
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record depreciation expense on forklift
 
enter a debit amount
 
enter a credit amount
 
  (To record depreciation expense on forklift)    
choose a transaction date
 Jan. 1June 30Dec. 31
enter an account title to record sale of forklift on June 30
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record sale of forklift on June 30
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record sale of forklift on June 30
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record sale of forklift on June 30
 
enter a debit amount
 
enter a credit amount
 
  (To record sale of forklift)    
choose a transaction date
 Jan. 1June 30Dec. 31
enter an account title to record depreciation expense on truck
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record depreciation expense on truck
 
enter a debit amount
 
enter a credit amount
 
  (To record depreciation expense on truck)    
choose a transaction date
 Jan. 1June 30Dec. 31
enter an account title to record sale of truck on December 31
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record sale of truck on December 31
 
enter a debit amount
 
enter a credit amount
 
 
enter an account title to record sale of truck on December 31
 
enter a debit amount
 
enter a credit amount
 
  (To record sale of truck)

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in
BusinessAccounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: for which funds are budgetary comparison schedules or statements required? should the actual revenue...

A: Financial accounting standards board (FASB):This is the organization which creates, develops, and ap...

Q: Process or Sell Product A is produced for $3.38 per pound. Product A can be sold without additional ...

A: Differential Analysis: Differential analysis is a management accounting tool in which a company anal...

Q: Suppose Casey Title Company normally charges $400 for services related to selling a house. As part o...

A: Click to see the answer

Q: Shadee Corp. expects to sell 640 sun visors in May and 350 in June. Each visor sells for $25. Shadee...

A: Flexible overhead budget: A flexible overhead budget is referred to a thorough plan for controlling ...

Q: Cornerstone Exercise 9-46 (Appendix 9A) Bond Issue Price On December 31, 2014, Callahan Auto issued ...

A: Click to see the answer

Q: Text Ch.2 #2 Which of the following statements describe tranasactions that would be recorded in an a...

A: Accounting Transaction: An economic event, which causes impact (increases or decreases the value of ...

Q: Parrish Ch2 Pg31  What accounts would be debited or credited for each trans action? 1) Shareholder i...

A: Journal Entries

Q: Vaughn Manufacturing's contribution margin is $20 per unit for Product A and $35 for Product B. Prod...

A: Formula to compute the contribution margin per unit of limited resources for each product.

Q: Break-Even Sales Currently, the unit selling price of a product is $290, the unit variable cost is $...

A: Calculate break-even point in units.