Presented here are selected transactions for Spector Limited for 2012. Spector uses straight-line depreciation.
Jan. 1 Sold a delivery truck for $10,000 cash. The truck cost $62,000 when it was purchased on January 1, 2010, and was depreciated based on a four-year useful life with a $6,000 residual value.
Sept. 1 Sold computers that were purchased on January 1, 2010. They cost $10,980 and had a useful life of three years with no residual value. The computers were sold for $1,500 cash.
Dec. 30 Retired equipment that was purchased on January 1, 2003. The equipment cost $150,000 and had a useful life of 10 years with no residual value.
Instructions
Record the above transactions.
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