Here are selected transactions for Andre Corporation for 2007.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 1997.
The machine cost $52,000 and had a useful life of 10 years with no
June 30 Sold a computer that was purchased on January 1, 2004. The computer
cost $35,000 and had a useful life of 7 years with no salvage value. The
computer was sold for $23,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2003. The
truck cost $30,000 and was depreciated based on a 6-year useful life with
a $3,000 salvage value.
Journalize all entries required on the above dates, including entries to update depreciation
on assets disposed of, where applicable. Andre Corporation uses straight-line depreciation.