Presented Below Are Selected Transactions for the Tinker Company for 2015

question 246

Essay

Presented below are selected transactions for the Tinker Company for 2015.
Jan. 1 Retired a piece of equipment that was purchased on January 1, 2005. The equipment cost $75,000 on that date, and had a useful life of 10 years with no salvage value.
April 30 Sold equipment for $38,000 that was purchased on January 1, 2012. The equipment cost $105,000, and had a useful life of 5 years with no salvage value.
Dec. 31 Discarded equipment that was purchased on June 30, 2011. The equipment cost $42,000 and was depreciated on a 5-year useful life with a salvage value of $2,000.
Instructions
Journalize all entries required as a result of the above transactions. Tinker Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2014.

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Definitions:

Cardiac Rehabilitation

A customized program of exercise, education, and support designed to restore and maintain optimal health and to prevent the recurrence of heart problems.

Open-heart Surgery

A type of heart surgery where the chest is opened and surgery is performed on the heart's muscles, valves, or arteries.

Home Health Nurse

A nurse who provides medical care for patients in their homes, often involving post-operative care, chronic disease management, and elderly care.

Psychosocial Theories

Theories that describe the influence of social factors on an individual's mind and behavior.