Homework Answers
Answer24:- carrying amount of plant asset = book value- accurate depiction
=$358, 000 - $145, 000
=$213, 000
Gain/(loss) =selling price- carrying amount
=$115, 000 - $213, 000
=-$98, 000
Option A$98, 0000 loss should be recognized by company.
Answer25:- Option d goodwill is correct answer, as goodwill is never amortized, it is only tested for impairment.
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24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31,...
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.
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018....
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018. current year's depreciation of $100,000 had been recorded. The company should recognize The accumulated depreciation account had a balance of $300,000 before the O no gain or loss O $400,000 gam O $200,000 gaim O $100,000 1loss O $200,000 1los
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.
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 8 A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage...
Question 8 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 $
please help with these accouting questions! pane 15. Machinery was purchased for $340,000. Freight charges amounted...
please help with these accouting questions!
pane 15. Machinery was purchased for $340,000. Freight charges amounted to $14,000 and there was a cost of $40,000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $60,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be A) $78,800. B) $66,800. C) $57,200. D) $56,000. 16. A company sells a plant asset that originally...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets....
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
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...
21) Which of the following t h earlier years than in later years! A) the double-declining...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the...
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the equipment was $28,000. The company should recognize a: Multiple Choice 0 $0 gain or loss. $14,000 gain. O $14,000 loss. o $28,000 loss. o o $112,000 gain.
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018. current year's depreciation of $100,000 had been recorded. The company should recognize The accumulated depreciation account had a balance of $300,000 before the O no gain or loss O $400,000 gam O $200,000 gaim O $100,000 1loss O $200,000 1los
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.
Question 8 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 $
please help with these accouting questions!
pane 15. Machinery was purchased for $340,000. Freight charges amounted to $14,000 and there was a cost of $40,000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $60,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be A) $78,800. B) $66,800. C) $57,200. D) $56,000. 16. A company sells a plant asset that originally...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
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...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the equipment was $28,000. The company should recognize a: Multiple Choice 0 $0 gain or loss. $14,000 gain. O $14,000 loss. o $28,000 loss. o o $112,000 gain.
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