Business, 19.03.2021 18:20 kayolaaaa53

Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $73,000 Jan. 1, 2012 10 $0
Forklift 32,000 Jan. 1, 2019 5 0
Truck 38,400 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 $12,200. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, no disposed assets.

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Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in...

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