A county's general fund bought equipment for $50,000. The equipment was estimated to have a 10-year life, straight-line,...
A county's general fund bought equipment for $50,000. The equipment was estimated to have a 10-year life, straight-line, no salvage value. Four years later, it sold the equipment for $18,000. In the year of the sale, the government-wide statement of activities will report
a. Loss on sale of capital assets of $12,000
b. Proceeds from sale of capital assets of $18,000
c. Loss on sale of capital assets of $32,000
d. Proceeds from sale of capital assets of $32,000
Homework Answers
Depreciation Expense per year (Straight line depreciation Method) = (Cost - salvage value) / Years
= ($50,000 - $0) / 10
= $5,000
Accumulated depreciation for four years = Depreciation Expense (Year 1) + Depreciation Expense (Year 2) + Depreciation Expense (Year 3) + Depreciation Expense (Year 4)
= $5,000 + $5,000 + $5,000 + $5,000
= $20,000
Book Value after 4 years = Cost - Accumulated depreciation
= $50,000 - $20,000
= $30,000
Loss on sale of equipment = $30,000 - $18,000
= $12,000
Loss on sale of capital assets of $12,000 is the correct answer.
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