Here Are Selected 20X3 Transactions of Avery Corporation Avery Corporation Uses Straight-Line Depreciation

Essay

Here are selected 20X3 transactions of Avery Corporation. $$\begin{array} { | l | l | } \hline \text { Jan. 1 } & \begin{array} { l } \text { Retired a piece of machinery that had been purchased ten years earlier on January 1. } \\\text { The machine cost } \$ 62,000 \text { and had a useful life of } 10 \text { years with no residual value. }\end{array} \\\hline \text { June 30 } & \begin{array} { l } \text { Sold a computer that was purchased on January 1, 20X1. The computer cost } \$ 39,000 \\\text { and had a useful of } 3 \text { years with no residual value. The computer was sold for } \$ 5,000 \\\text { cash. }\end{array} \\\hline \text { Dec. 31 } & \begin{array} { l } \text { Sold a delivery truck for } \$ 9,000 \text { cash. The truck cost } \$ 25,000 \text { when it was purchased } \\\text { on January 1, 20X0, and was depreciated based on a 5-year useful life with a } \$ 3,000 \\\text { residual value. }\end{array} \\\hline\end{array}$$ Avery Corporation uses straight-line depreciation. Required: Prepare all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.