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Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $63,810 on that date. It had a useful life of 10 years with no salvage value

Exercise 10-9

Presented below are selected transactions at Ridge Company for 2014.

Jan. 1

Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $63,810 on that date. It had a useful life of 10 years with no salvage value.

June 30

Sold a computer that was purchased on January 1, 2011. The computer cost $36,800. It had a useful life of 5 years with no salvage value. The computer was sold for $13,760.

Dec. 31

Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $39,770. It was depreciated based on a 6-year useful life with a $2,930 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.)

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