Blossom Company had the following assets on January 1, 2025. Item Machinery Forklift Truck Cost $58,000 17,000 23,400 Date Purchase Date Jan 1, 2015 Jan 1, 2022 Jan 1, 2020 Useful Life (In years) 10 5 Salvage Value Account Titles and Explanation (To record sale of forklift) During 2025, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,700. 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, 2024. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record depreciation expense on forklift) $0 0 (To record depreciation expense on truck) 3,000 Debit NOOL FC Credit

Blossom Company had the following assets on January 1, 2025. Item Machinery Forklift Truck Cost $58,000 17,000 23,400 Date Purchase Date Jan 1, 2015 Jan 1, 2022 Jan 1, 2020 Useful Life (In years) 10 5 Salvage Value Account Titles and Explanation (To record sale of forklift) During 2025, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $10,700. 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, 2024. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (To record depreciation expense on forklift) $0 0 (To record depreciation expense on truck) 3,000 Debit NOOL FC Credit

Name: Do not give image format Blossom Company had the following assets on J
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Description: Do not give image format Blossom Company had the following assets on January 1, 2025.ItemMachineryForkliftTruckCost$58,00017,00023,400DatePurchase DateJan 1, 2015Jan 1, 2022Jan 1, 2020Useful Life(In years)105Account Titles and Explanation(To record s

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 29P

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