A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of t...
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset? Group of answer choices $2000 loss $1,500 loss $3,500 gain $2,000 loss
Homework Answers
Book value of assets = Cost-Accumulated depreciation = 30000-28500 = 1500
Gain on Sale = Sale value-Book value = 3500-1500 = 2000 Gain
So answer is $2000 Gain
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A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of t...
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for $25 million. It is estimated that 10 million barrels can be
extracted from the well. Determine depletion expense assuming 3
million barrels are extracted and sold during the year.
3. The following data was adapted
from recent financial statements of Hammond Corporation:
2....
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