Current Attempt in Progress
Sandhill Co. had the following assets on January 1, 2025.
Item
Cost
Purchase Date
Useful Life
(in years)
Salvage Value
Machinery $67,000
Jan. 1, 2015
10
$0
Forklift
26,000
Jan. 1, 2022
5
0
Truck
32,400
Jan. 1, 2020
8
3,000
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 $11,600. 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 0 for the amounts.)