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P9-3A Journalize entries for disposal...

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Accounting

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P9-3A Journalize entries for disposal of plant assets (LO 3). AP Pine Company had the following assets on January 1,2017 teaC Cost Purchase Date Usefal Life (in years) Salvage Value Machinery $71,000 Jan. 1, 2007 0,000 Jan. 1.2014 Track:33 400a2012 10 3,000 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 $12,000. The truck was discarded on December 31 Instructions 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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