Question 4

Question 4

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ACC/291 - 49164013 / Assignment: Week 2 Assignment

* Question 4
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1

Retired a piece of machinery that was purchased on January 1, 2004. The machine cost
$61,560 and had a useful life of 10 years with no salvage value.

June 30

Sold a computer that was purchased on January 1, 2012. The computer cost $35,800 and had
a useful life of 4 years with no salvage value. The computer was sold for $4,900 cash.

Dec. 31

Sold a delivery truck for $9,280 cash. The truck cost $23,690 when it was purchased on
January 1, 2011, and was depreciated based on a 5-year useful life with a $3,800 salvage
value.

Journalize all entries required on the above dates, including entries to update depreciation on assets
disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the
order displayed in the problem statement. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date

Account Titles and Explanation

Debit

Credit

(To record depreciation expense
for the first 6 months of 2014)

(To record depreciation expense
for the year 2014)

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