Straight Line Depreciation
Using the straight line depreciation method, how would I journalize this?
Thomas Company 2006
January 1st-Retired a piece of machinery that was purchased on January 1, 1996. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.
Depreciation Straight Line
How would I journalize this using the straight-line depreciation method?
Thomas Company 2006
Dec 31-Discarded a delivery truck that was purchased on January 1, 2002. The truck cost $33,00. It was depreciated based on a 6-year useful life with a $3,000 salvage value.