What is the amount of gain or loss recorded on the sale of this machine on these financial accounting question? A company sold a machine that originally cost $250,000for $130,000 when accumulated depreciation on themachine was $110,000. What is the amount of gain orloss recorded on the sale of this machine?

Step 1: Define Asset DisposalWe can dispose of a fixed asset on the completion of its useful life or…

Answered: A company sold a machine that…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 35CE

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Tipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of $136,000, which it sold for $1,000. The amount of gain or loss from this sale is: O A. a gain of $8,000 B. a loss of $8,000 O C. a gain of $9,000 D. a loss of $9,000
As a result of the transaction, what is the effect on the profit or loss? what is the cost of the new asset acquired? with computations
An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,00 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (-loss) from the sale of the old cooler?
Gain or loss?
Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?
A depreciable asset currently has a $40,100 book value. The company owning the asset uses straight-line depreciation. They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a 12-year useful life. How long has the company owned this asset?
You purchased a new molding machine for $155,000 by trading in a similarmachine that had a book value of$18,000.Assuming that the trade-in allowance was $20,000 and that $85,000 cash was paid for the new asset, what is the cost basis of the new molding machine for depreciation purposes?
A company sold a plant asset for USD22,000 cash. If the companybcorrectly reports a USD5,000 gain on this sale and the accumulated depreciation on the asset at the date of the sale is USD33,000, then the original cost of the plant asset must have been what?
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
What is the answer?
An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,000 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (or loss) from the sale of the cooler?
What is the result of this disposal transaction?

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A company sold a machine that originally cost $250,000 for $130,000 when accumulated depreciation on the machine was $110,000. What is the amount of gain or loss recorded on the sale of this machine?