Oriole Company had the following assets on January 1, 2017.
Item Cost Purchase Date Useful Lif...
Business, 17.04.2020 15:31 whityelaine7997
Oriole Company had the following assets on January 1, 2017.
Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $75,260 Jan. 1, 2007 10 $ 0
Forklift 31,800 Jan. 1, 2014 5 0
Truck 35,408 Jan. 1, 2012 8 3,184
During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,720. The truck was discarded on December 31.Required:1. 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, 2016.
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