A company sells a plant asset that originally cost $588000 for $169000 on December 31, 2022. The accumulated depreciation account had a balance of $294000 after the current year's depreciation of $49000 had been recorded. The company should recognize a O$105000 gain on disposal. $169000 gain on disposal. O$169000 loss on disposal. $125000 loss on disposal

Q: On January 1, 2021, Dunbar Echo Company sells a machine for $23,200. The machine was originally…

A: Depreciation- Depreciation is thus the diminish in the price of assets and the process used to…

Q: The following information has been provided about an asset: Accumulated depreciation (as at June…

A: In this question first we need to calculate the book value of the asset.If the book value is less…

Q: A company sells equipment which originally cost $150,000 for $50,000 on December 31, 2019. The…

A: When asset is sold the gain /loss will be recognized

Q: black jack company purchased an automotive equipment of june 30, 2018 for 3,000,000. at the date of…

A: Depreciation expense is the charge against income each year for the wear and tear of the equipment…

Q: Moped, Incorporated purchased machinery at a cost of $44,000 on January 1, 2023. The expected useful…

A: The double-declining balance method uses the depreciation as the double of the straight-line method.…

Q: On October 1, 2021, Bonita Company places a new asset into service. The cost of the asset is $129000…

A: Under straight line method of depreciation, the depreciation is calculated by dividing the…

Q: An item of depreciable machinery is acquired on 1 July 2016 for $280 000. It is expected to have…

A: Journal entry: it is prepared to record the financial and non-financial transactions of the business…

Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the straight…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: At the half of the year 2021, Rosary Co. reported the following information: Equipment t cost…

A: Revaluation surplus is the amount which is reported at the year-end after computing the surplus by…

Q: On January 1, 2019, Allen Corp. purchased equipment for $760,000. At the time, it was estimated that…

A: Straight-line depreciation evenly distributes the cost of an asset over its useful life, subtracting…

Q: A company sells a plant asset that originally cost $650000 for $270000 on December 31, 2022. The…

A: Gain or loss on sale of asset can be calculated as difference between sales value of asset and…

Q: Blossom Corporation uses the cost model to account for its property, plant, and equipment, which…

A: Straight-line depreciation evenly spreads the cost of an asset over its useful life, reducing its…

Q: ABC Corp bought a production machine on January 1, 2018 for $31,250. The company did not elect…

A: From the MACRS accelerated depreciation table, the rate for 5 year property at the end of 3rd year…

Q: Dawn Company purchased a machine on January 1, 2018 for P3,000,000. At the date of acquisition, the…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Compute depreciation under: (i) straight line method (ii) unit of output (iii) working hours…

A: Depreciation  under straight line method = (Cost of Asset - Salvage value / useful life )…

Q: What amount should be recorded as depreciation for 2021? a. 287200   b. 384000   c. 460000

A: Depreciation represents the reduction in the value of an asset over a useful life of the asset. It…

Q: XYZ Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their…

A: Introduction: Business transactions are recorded in chronological sequence.  The first step in…

Q: JPHEI Company purchased a machine on January 1, 2016 for P6,000,000. At the date of acquisition, the…

A: Solution: Accumulated depreciation for 3 years (from 2016 to 2018) = (Cost - residual value) * 3/ 6…

Q: A company sells a plant asset that originally cost $300000 for $100000 on December 31, 2025. The…

A: Accumulated depreciation is the aggregate of depreciation amounts from past years which is deducted…

Q: Prepare all relevant entries relating to the equipment for the period from 1 July 2016 to 30 June…

A: Journal entry is recorded at the time when the asset is purchased in the books of the accounts on…

Q: Record the general journal entry to record the depreciation expense for the equipment for the year…

A: Depreciation Expense - Depreciation Expenses incurred on the Fixed Assets of the company. It is…

Q: On October 1, 2021, Bonita Company places a new asset into service. The cost of the asset is $115000…

A: The straight-line method of depreciation is a common way of allocating the cost of the asset to the…

Q: Sheridan Ltd. has a December 31 year end. On April 2, 2024, Sheridan purchased a piece of equipment…

A: The fixed assets are held by the organization for a long term that facilitate operations of the…

Q: On October 1, 2021, Hess Company places a new asset into service. The cost of the asset is $120,000…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: USK COMPANY purchased a wood cutter on September 1, 2019 for P652,000. At the time of acquisition,…

A: solution: given: purchase price (cost )     =P652,000 useful life           =14 years residual value…

Q: In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On January 1, 2022, Sheridan Corporation acquired equipment at a cost of $777000. Sheridan adopted…

A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…

Q: year life and $10500 salvage value at the end of its useful life. What is the depreciation expense…

A: Straight line method of depreciation is the easiest method of depreciation where depreciation for…

Q: On March 9, 2019, Alpha Inc. purchased an equipment with a cost of HK$600,000, a useful life of five…

A: The question is related to Impairment loss. The Impairment loss is calculated with the help of…

Q: Trigger Ltd. purchased a machinery for $100,000 on Jan 1, 2019. The machine was depreciated at 10%…

A: The method of depreciation can be changed without retrospective effect or with retrospective effect.…