A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? Answer this below Question

A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? Answer this below Question

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 4DQ

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What is the amount of the gain or loss on disposal of fixed assets?
Which of the following statements if not true? a. Depreciation is the process of allocating the purchase price of an asset minues its residual value to expense, for each period benefited by the asset. b. The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset. c. The service life of an asset is the measure of the number of years of service expected from the asset before its disposal. d. The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the cost of disposal.
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Which of the following best describes depreciation?A It is a means of spreading the payment for the asset over its total estimated lifeB It represents the decline in the market value of the assetC It is a means of spreading the cost of an asset over its estimated useful lifeD It is a way of estimating the cash needed to replace the asset in the future
Profit on sale of fixed assets arises when: Sale price is more than the original purchase value of the asset Sale price is more than the depreciated value of the asset Sale price is more than the cumulative depreciation value of the asset Cumulative depreciation value is more than the current depreciated value of the asset
the equation for book value is: book value = cost of an asset minus its accumulated depreciation. true or false?
A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 4,100 loss b. dollar 3,500 loss c. dollar 4,150 gain d. dollar 2,000 gain
What is the difference between the cost of a fixed asset and its accumulated depreciation called? Group of answer choices book value current value fixed value equity value
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At the end of the expected useful life of a depreciable asset with an estimated 15% residual value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods?