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Question
Presented below are selected transactions for the Tinker Company for 2013.
Jan. 1 Retired a piece of equipment that was purchased on January 1, 2003. The equipment cost $75,000 on that date, and had a useful life of 10 years with no salvage value.
April 30 Sold equipment for $35,000 that was purchased on January 1, 2010. The equipment cost $90,000, and had a useful life of 5 years with no salvage value.
Dec. 31 Discarded equipment that was purchased on June 30, 2009. The equipment cost $37,000 and was depreciated on a 5-year useful life with a salvage value of $2,000.
Instructions
Journalize all entries required as a result of the above transactions. Tinker Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2012.
Answer
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