Homework Answers
Net book value at the end of 3rd year = $64000-36000 = $28,000
Gain(loss) on sale of assets = 12000-28000 = $(16000)
The company should recognize a Loss on disposal in the amount of $16000.
Add Answer to:
Question 8 A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage...
27. A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage value...
27. A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage value at the end of its 5-year useful life. If at the end of three years, the asset was sold for $12,000, and had accumulated depreciation recorded of $36,000, the company should recognize a ______________ on disposal in the amount of $____________. 28. The cost of a patent should be amortized over its __________________ life or its _______________ life, whichever is shorter. 29. In recording...
Question 11 A plant asset was purchased on January 1 for $40,000 with an estimated salvage...
Question 11 A plant asset was purchased on January 1 for $40,000 with an estimated salvage value of $8,000 at the end of its useful life. The current year's depreciation expense is $4,000 calculated on the straight-line basis and the balance in the Accumulated Depreciation account at the end of the year is $20,000. The remaining useful life of the plant asset is O 10 years. 8 years. 3 years. O 5 years.
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000...
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciatio...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciation account had a balance of $120000 after the current year's depreciation of $30000 had been recorded. The company should recognize a A. $65000 loss on disposal. B.$35000 loss on disposal. C.$185000 loss on disposal. D.$65000 gain on disposal.
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years...
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years and an estimated salvage value of $3500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: A) S3038.00. B) $11,480.00. C) $5908.00. D) $5740.00 E) $2870.00. 29) Lima Enterprises purchased a depreciable asset for $29.000 on...
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31,...
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $145,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a a. $98,000 loss. b. $62,000 loss. c. $98,000 gain. d. $62,000 gain. 25. All of the following intangible assets are amortized except a. copyrights. b. limited-life franchises. c. patents. d. goodwill.
Sale of Plant Asset Raine Company has a machine that originally cost $58,000. Depreciation has been...
Sale of Plant Asset Raine Company has a machine that originally cost $58,000. Depreciation has been recorded for four years using the straight- line method, with a $5,000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine Determine the gain or loss in each scenario if the machine sold for: Scenario Gain, Loss, or Neither Amount a $37.000 cash b. $36,800 cash C. $28,000 cash
A machine originally had an estimated service life of 5 years, and after 3 years, it...
A machine originally had an estimated service life of 5 years, and after 3 years, it was decided that the original estimate should have been for 10 years. The remaining cost to be depreciated should be allocated over the next Multiple Choice 5 years 6 years 10 years 7 years 2 years Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The accumulated depreciation recorded to the date of loss was $20,000. The proceeds...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $196000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $16000 gain. $12000 loss $16000 loss. $12000 gain. A plant asset with a cost of $310000 and accumulated depreciation of $292000 is sold for $41500. What is the amount...
Question 11 A plant asset was purchased on January 1 for $40,000 with an estimated salvage value of $8,000 at the end of its useful life. The current year's depreciation expense is $4,000 calculated on the straight-line basis and the balance in the Accumulated Depreciation account at the end of the year is $20,000. The remaining useful life of the plant asset is O 10 years. 8 years. 3 years. O 5 years.
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years and an estimated salvage value of $3500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: A) S3038.00. B) $11,480.00. C) $5908.00. D) $5740.00 E) $2870.00. 29) Lima Enterprises purchased a depreciable asset for $29.000 on...
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $145,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a a. $98,000 loss. b. $62,000 loss. c. $98,000 gain. d. $62,000 gain. 25. All of the following intangible assets are amortized except a. copyrights. b. limited-life franchises. c. patents. d. goodwill.
Sale of Plant Asset Raine Company has a machine that originally cost $58,000. Depreciation has been recorded for four years using the straight- line method, with a $5,000 estimated salvage value at the end of an expected ten-year life. After recording depreciation at the end of four years, Raine sells the machine Determine the gain or loss in each scenario if the machine sold for: Scenario Gain, Loss, or Neither Amount a $37.000 cash b. $36,800 cash C. $28,000 cash
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $196000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $16000 gain. $12000 loss $16000 loss. $12000 gain. A plant asset with a cost of $310000 and accumulated depreciation of $292000 is sold for $41500. What is the amount...
Most questions answered within 3 hours.
-
How do the mechanical features of bone affect its roles as
repositories of phosphate and calcium,...
asked 6 seconds ago -
P agreed to buy 100 barrels of widget oil, which was stored in a
large tank...
asked 37 seconds ago -
The unstable isotope 40K is used for dating rock samples. Its
half-life is 1.28×109y. How many...
asked 3 minutes ago -
Compare and contrast constructed-response items and
selected-response items.
Identify at least one (1) advantage and one...
asked 4 minutes ago -
A) Find the moment of inertia of a 2 meter long stick with a
mass of...
asked 3 minutes ago -
For the code below write a public static main() method
in class Student that:
- creates...
asked 6 minutes ago -
Please show all steps. Thank you
A 1.0-cm-diameter pipe widens to 2.0 cm, then narrows to...
asked 18 minutes ago -
The equilibrium constant for the following reaction Ag+(aq) +
2NH3(aq) Ag(NH3)2+(aq) is K = 1.7 ×...
asked 27 minutes ago -
A carbon heater element has fixed resistance of 28 Ohms. It is
connected to an A/C...
asked 28 minutes ago -
Suppose X∼Exp(λ) for some λ >0. Compute E(X) and Var(X).
asked 42 minutes ago -
Xanth Co. has 8.9% annual coupon bonds with face value of $1,000
and 7 years remaining...
asked 39 minutes ago -
The Bellevue University bookstore purchases sweatshirts with the
school name and logo from a vendor. The...
asked 42 minutes ago