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ACC/557 Homework 3 Chapters 9 and 10

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ACC/557 Homework 3 Chapters 9 and 10

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ACC/557 Homework 3 Chapters 9 and 10

Due Week 6 and worth 70 points

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.

Exercises

E9-9. Presented below are selected transactions at Ridge Company for 2015.

Jan. 1               Retired a piece of machinery that was purchased on January 1, 2005. The machine cost \$62,000 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, 2012. The computer cost \$45,000. It had a useful life of 5 years with no salvage value. The computer was sold for \$14,000.

Dec. 31             Discarded a delivery truck that was purchased on January 1, 2011. The truck cost \$33,000. It was depreciated based on a 6-year useful life with a \$3,000 salvage value.

Instructions

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, 2014.)

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