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Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000...
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. 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
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.
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...
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 $
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...
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...
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...
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
On July 1, 2022, Blossom Company sells equipment for $119000. The equipment originally cost $320000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $189000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is $12000 gain. $15000 gain. $15000 loss. $12000 loss.