Pine Company had the following assets on January 1,
Useful Life (in years)
Jan. 1, 2007
Jan. 1, 2014
Jan. 1, 2012
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.
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.
Loss on truck disposal
Record property, plant, and equipment transactions; prepare partial balance sheet.