A delivery truck was sold for $42,000. The truck was originally purchased for $78,000. At the time of the sale, the truck had accumulated depreciation of $65,000. Calculate the gain or loss to be recorded on the sale of the truck.
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- Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.A company purchased a piece of farm equipment at a cost of $38,000 and sold it two years later for $25,300. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? _________ on sale _____________ 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)What was the amount of accumulated depreciation on the asset at the time of its sale
- Padre, Inc., purchased a used piece of heavy equipment for $25,000. Delivery of the equipmentto Padre’s business site cost $750. Expenditures to recondition the equipment and prepare it foruse totaled $2,230. The maintenance for the first year Padre owned the equipment was $1,200.Determine the cost that is the basis for calculating annual depreciation on the equipment.Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a. What was the depreciation for the first year? Round your answer to the nearest cent.$ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest centFunseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.
- Lowes Corporation sold its storage building for $86,000 cash. Lowes originally purchased the building for $200,000, and depreciation through the date of sale totaled $120,000. Required:Prepare the journal entry to record the sale of this building. (A separate calculation of any gain or loss is recommended.)What was the gain or loss on the disposal for this general accounting question?The 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?