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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 59P

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Need help with this general accounting question

A company discarded a vehicle it had originally purchased for
$15,000. The vehicle had $10,000 worth of accumulated
depreciation. The company should recognize a (an):
a. $15,000 loss
b. $0 gain or loss
c. $10,000 loss
d. $5,000 loss

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A company sold a machine that originally cost $100,000 for $60,000 cash. The accumulated depreciation on the machine was $40,000. The company should recognize a: a) $0 gain or loss b) $20,000 loss c) $20,000 gain d) $40,000 loss
What journal entry will Mason Builders record on these general accounting question?
A copy machine cost $32,000 when new and has accumulated depreciation of $26,000. Suppose Copy Center sold the machine for $6,000. What is the result of this disposal transaction? OA. Loss of $6,000 OB. Loss of $26,000 OC. Gain of $6,000 OD. No gain or loss
A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is:
An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000
A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or loss
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.
A company discarded a computer system originally purchased for $8,750. The accumulated depreciation was $6,450. The company should recognize a (an):
Solve this one
T2.
A truck cost$78,650 when purchased and has a..
James Company sells a plant asset that originally cost $180,000 for $60,000 on December 31, 20x1. The accumulated depreciation account had a balance of $72,000. What should the company recognize? a. $ 120,000 loss on disposal. b. $ 48,000 loss on disposal. c. $ 48,000 gain on disposal. d. $ 30,000 loss on disposal.

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