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): (a) $14,500 loss. (b) $0 gain or loss. (c) $9,700 loss. (d) $4,800 loss. (e) $4,800 gain.
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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):What journal entry will Mason Builders record on these general accounting question?A company discarded a computer system originally purchased for $8,750. The accumulated depreciation was $6,450. The company should recognize a (an):
- Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Answer me this accounting questionNixon Corporation recorded a loss of $7,200 when it sold equipment that originally cost $93,000 for $21,500. Accumulated depreciation on the equipment must have been__.What is the result of this disposal transaction 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.What is the result of this disposal transaction?Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Fill in the blank
- Blossom Company has delivery equipment that cost $47.000 and has been depreciated $23.000. Prepare a tabular summary to record the disposal under the following assumptions. (a) It was scrapped as having no value. • Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated Depreciation require a negative sign or parentheses. • Decreases in Accumulated Depreciation are entered as postive amounts. S Common Stock $ Revenue Stockholders' Equity $ Retained Earnings Expense in DividendFinancial accountingPrepare 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.