Problem 7-3 Sheridan Company had the following assets on January 1, 2017 Useful

Question

Problem 7-3 Sheridan Company had the following assets on January 1, 2017 Useful Life (in years) 10 Salvage Value ItemCost Purchase Date Machinery $78,100 Jan, 1, 2007 Forklift33,000 Jan. 1, 2014 Truck 0 36,744 Jan. 1, 2012 3,304 During 2017, each of the assets was removed from service. The machinery wos retired on January 1. The forklift was sold on June 30 for $13,200. The truck was discerded on December 31, The company uses straight-line depreciation, Al depreciation was up to date as of December 31, 2016 com pute the gain or loss for each of the asset disposals that occu red in 2017. H t: Be sure to update dep eon on for coonasset from Janu?? , 2017 to disposal in Item Machinery Forklift Truck Gain or Loss Amount Question Attempts: 0 of 10 used SAVE FOR LATER SUBMIT A NSWER

Explanation / Answer

Machinery

Forklift

Truck

$      8,360

Cost $   78,100 Accumulated depreciation ($78,100/10*10) $ (78,100) Gain / (loss) on disposal of assets $ -

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---