Business, 21.05.2020 06:02 linhlema2005

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

Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $59,000 Jan. 1, 2012 10 $0
Forklift 18,000 Jan. 1, 2019 5 0
Truck 24,400 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 $10,800. The truck was discarded on December 31.

Required:
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.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 16:50

In terms of the "great wheel of science", statistics are central to the research process (a) only between the hypothesis phase and the observation phase (b) only between the observation phase and the empirical generalization phase (c) only between the theory phase and the hypothesis phase (d) only between the empirical generalization phase and the theory phase

Answers: 1

Answer

Business, 22.06.2019 19:10

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.

Answers: 3

Answer

Business, 22.06.2019 23:00

The era of venture capitalists doling out large sums of money to startups is a. just beginning b. on the rise c. over d. fading

Answers: 2

Answer

Business, 23.06.2019 05:00

Choose a well-known company that you know of, and describe its direct and indirect competitors. choose a well-known company that you know of, and describe its direct and indirect competitors. describe at least three direct competitors and three indirect competitors.at least three direct competitors and three indirect competitors.

Answers: 2

Answer

You know the right answer?

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

Item Cost Purchase Date Usef...

Questions