The journal entries for the above transactions include:
Date Account title Debit Credit
Jan. 1 2022 Accumulated depreciation $62,000
Machinery $62,000
__________________________________________________________
Date Account title Debit Credit
June 30 Depreciation $6,000
Accumulated Depreciation $6,000
Accumulated Depreciation $30,000
Cash $5,000
Loss on sale of computer $1,000
Computer $36,000
Working
Yearly depreciation:
= Cost / Useful life x 6/12 months in the year
= 36,000 / 3 x 6/12
.= $6,000
Accumulated depreciation so far:
= Depreciation for 2020, 2021 and half of 2022
= 12,000 + 12,000 + 6,000
= $30,000
Loss on sale:
= Selling price - (Cost - accumulated depreciation)
= 5,000 - (36,000 - 30,000)
= -$1,000
__________________________________________________________
Date Account title Debit Credit
Dec 31 Depreciation $4,200
Accumulated depreciation $4,200
Cash $9,000
Accumulated depreciation $16,800
Gain on sale of delivery truck $800
Delivery truck $25,000
Working
Depreciation:
= (Cost - salvage value) / Useful life
= (25,000 - 4,000) / 5
= $4,200
Accumulated depreciation:
= Depreciation x 4
= 4,200 x 3
= $16,800
Gain on sale:
= Selling price - (Cost - accumulated depreciation)
= 9,000 - (25,000 - 16,800)
= $800
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