Oriole Company had the following assets on January 1, 2022. Item...

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Accounting

Oriole Company had the following assets on January 1, 2022.

Item Cost Purchase Date Useful Life (in years) Salvage Value

Machinery

$62,000 Jan. 1, 2012 10 $ 0

Forklift

21,000 Jan. 1, 2019 5 0

Truck

27,400 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 $11,100. The truck was discarded on December 31. 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, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

image

enter an account title

image

enter a debit amount

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enter a credit amount

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enter an account title

image

enter a debit amount

image

enter a credit amount

image

choose a transaction date

image

enter an account title to record depreciation expense on forklift

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record depreciation expense on forklift

image

enter a debit amount

image

enter a credit amount

image

(To record depreciation expense on forklift)
choose a transaction date

image

enter an account title to record sale of forklift on June 30

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record sale of forklift on June 30

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record sale of forklift on June 30

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record sale of forklift on June 30

image

enter a debit amount

image

enter a credit amount

image

(To record sale of forklift)
choose a transaction date

image

enter an account title to record depreciation expense on truck

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record depreciation expense on truck

image

enter a debit amount

image

enter a credit amount

image

(To record depreciation expense on truck)
choose a transaction date

image

enter an account title to record sale of truck on December 31

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record sale of truck on December 31

image

enter a debit amount

image

enter a credit amount

image

enter an account title to record sale of truck on December 31

image

enter a debit amount

image

enter a credit amount

image

Answer & Explanation Solved by verified expert
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