A company discarded a storage cabinet it had originally purchased for $14,500. The cabinet had $9,700 worth of accumulated depreciation. The company should recognize a (an):
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A company discarded a storage cabinet it had originally purchased for $14,500. The cabinet had $9,700 worth of accumulated depreciation. The company should recognize a (an):
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- What journal entry will Mason Builders record on these general accounting question?A truck costing $42,000 and on which $30,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a 1) loss of $12,000 2) gain of $12,000 3) gain of $7,000. 4) loss of $7,000.Company management decided to discard a machine. The machine cost $ 125,000, had accumulated depreciation of $ 125,000, and was scrapped as junk. The machine was depreciated on a straight-line basis, with a useful life of 5 years, and a $10,000 salvage value. What journal entry is required to record the disposal of this machine?
- Prepare journal entries to record these transactions. (a) Echo Company retires its delivery equipment, which cost $41000. Accumulated depreciation is also $41000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), expcept that accumulated depreciation for the equipment is $37200 instead of $41000.Which of the following is not true about the MACRS depreciation system: A salvage value must be determined before depreciation percentages are applied to depreciable real estate. Residential rental buildings are depreciated over 27.5 years straight-line. Commercial real estate buildings are depreciated over 39 years straight-line. No matter when during the month depreciable real estate is purchased, it is considered to have been placed in service at mid-month for MACRS depreciation purposes.After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $748,000, accumulated depreciation was $547,000, and its fair value (based on estimated future cash flows from selling the equipment) was $48,000. Determine whether the equipment is impaired. Prepare the journal entries to record the impairment in asset if any. Fill in the blank : The fair value is ________ and the book value is ___________ , therefore this asset (is/is not) impaired Record journal entry to remove accumulated depreciation Record journal entry for the impairment loss
- A copy machine cost $78,000 when new and has accumulated depreciation of $72,000. Suppose Print and Photo Center sold the machine for $6,000. What is the result of this disposal transaction? A. No gain or loss B. Gain of $1,000 C. Loss of $1,000 D. Loss of $44,000On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760The Johnson Company bought a truck costing $24,000 two and a half years ago. The truck's estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $19,000. What taxable gain must be reported on the sale of the truck?
- A truck cost$78,650 when purchased and has a..a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,740 and their Accumulated Depreciation was $4,740. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,480. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A > Record the disposal of computers that had cost $4,740 and their accumulated depreciation to the date of disposal was $4,740. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 4,740 4,740I want answer to the below question