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BS,MBA, PHD
Adelphi University/Devry
Apr-2000 - Mar-2005
HOD ,Professor
Adelphi University
Sep-2007 - Apr-2017
Wildhorse Co. had the following assets on January 1, 2017.
Item | Â | Cost | Â | Purchase Date | Â | Useful Life (in years) |
 | Salvage Value |
---|---|---|---|---|---|---|---|---|
Machinery | Â | $83,780 | Â | Jan. 1, 2007 | Â | 10 | Â | $ 0 |
Forklift | Â | 35,400 | Â | Jan. 1, 2014 | Â | 5 | Â | 0 |
Truck | Â | 39,416 | Â | Jan. 1, 2012 | Â | 8 | Â | 3,544 |
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 $14,160. 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, 2016.
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