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  • Presented Below Are Selected Transactions at Ingles Company For PDF

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    Anbu jaromia
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    Ingles Company retired machinery purchased in 2000 for $62,000 with a 10-year useful life and no salvage value on January 1, 2010. In June 2010, they sold a computer purchased in 2007 for $40,000 with a 5-year useful life and no salvage value for $14,000. On December 31, 2010 they discarded a delivery truck purchased in 2006 for $39,000 with a 6-year useful life and $3,000 salvage value.

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    Ingles Company retired machinery purchased in 2000 for $62,000 with a 10-year useful life and no salvage value on January 1, 2010. In June 2010, they sold a computer purchased in 2007 for $40,000 with a 5-year useful life and no salvage value for $14,000. On December 31, 2010 they discarded a delivery truck purchased in 2006 for $39,000 with a 6-year useful life and $3,000 salvage value.

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    30 views1 page

    Presented Below Are Selected Transactions at Ingles Company For PDF

    Uploaded by

    Anbu jaromia
    Ingles Company retired machinery purchased in 2000 for $62,000 with a 10-year useful life and no salvage value on January 1, 2010. In June 2010, they sold a computer purchased in 2007 for $40,000 with a 5-year useful life and no salvage value for $14,000. On December 31, 2010 they discarded a delivery truck purchased in 2006 for $39,000 with a 6-year useful life and $3,000 salvage value.

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    © All Rights Reserved
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    of 1

    Presented below are selected transactions at Ingles

    Company for
    Presented below are selected transactions at Ingles Company for 2010. Jan. 1 Retired a piece
    of machinery that was purchased on January 1, 2000.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, 2007.The computer cost $40,000. 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, 2006. The truck cost $39,000. It was depreciated based on a 6-year
    useful life with a $3,000 salvage value. InstructionsJournalize all entries required on the above
    dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles
    Company uses straight-line depreciation. (Assume depreciation is up to date as of December
    31, 2009.)View Solution:
    Presented below are selected transactions at Ingles Company for
    SOLUTION-- http://accountinginn.online/downloads/presented-below-are-selected-transactions-
    at-ingles-company-for/

    For Solutions Visit accountinginn.online


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