Please do not give solution in image format thanku Pharoah Company had the following assets on January 1, 2022.ItemMachinery $75,00034,000ForkliftTruckCostDateJan. 140,400+Purchase DateJan. 1, 2012Jan. 1, 2019Jan. 1, 2017Useful Life(in years)1058During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold onJune 30 for $12,400. The truck was discarded on December 31.Salvage Value$0Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposedassets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit accounttitles 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.)0Account Titles and Explanation3,000DebitCredit ◆(To record depreciation expense on forklift)(To record sale of forklift)(To record depreciation expense on truck)(To record sale of truck)

While discarding, sale or removing an asset from services, company must record the necessary journal…

Pharoah Company had the following assets on January 1, 2022. Item Cost Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Machinery $75,000 Forklift 34,000 Truck 40,400 Useful Life (in years) 10 5 8 Salvage Value $0 0 3,000

Pharoah Company had the following assets on January 1, 2022. Item Cost Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 Machinery $75,000 Forklift 34,000 Truck 40,400 Useful Life (in years) 10 5 8 Salvage Value $0 0 3,000

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

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 14P: Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used...

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