Presented below are selected transactions for Mohamad Company for 2014.
Jan 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1, 2003. The machine cost $80,000 on that date, and had an estimated useful life of 10 years with no residual value.
Apl 30 Sold a printing machine for $50,000 that was purchased on January 1, 2011. The printer cost $90,000, and had an estimated useful life of 5 years with no residual value.
Dec 31 Discarded a business automobile that was purchased on September 1, 2009. The car cost $20,000 and was depreciated on an 8-year useful life with a residual value of $800.
Instructions
Journalize all entries required as a result of the above transactions. Mohamad Company uses the straight-line method of depreciation and has recorded depreciation to December 31, 2013.

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The Answer of Presented below are selected transactions for Mohamad Company for 2014.
Jan 1 Received $3,000 scrap value on retirement of machinery that was purchased on January 1, 2003. The machine cost $80,000 on that date, and had an estimated useful life of 10 years with no residual value.
Apl 30 Sold a printing machine for $50,000 that was purchased on January 1, 2011. The printer cost $90,000, and had an estimated useful life of 5 years with no residual value.
Dec 31 Discarded a business automobile that was purchased on September 1, 2009. The car cost $20,000 and was depreciated on an 8-year useful life with a residual value of $800.
Instructions
Journalize all entries required as a result of the above transactions. Mohamad Company uses the straight-line method of depreciation and has recorded depreciation to December 31, 2013.

Presented Below Are Selected Transactions for Mohamad Company for 2014