True or False? A piece of equipment that wasoriginally purchased for $29,400, hadaccumulated depreciation of $19,150,and was sold for$9,200, wouldrecognize a gain of $1,500.a. True.b. False.

Step 1: Book value Book value = Original cost - Accumulated depreciationBook value = $29,400 -…

Answered: A piece of equipment that was…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions

Section: Chapter Questions

Problem 9BCRQ

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Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ? Equipment that cost $412000 and on which $191000 of accumulated depreciation has been recorded was disposed of for $181000 cash. The entry to record this event would include a O credit to Accumulated Depreciation for $191000. Ogain of $40000. credit to the Equipment account for $221000. loss of $40000.
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A piece of equipment that was originally purchased for $29,400, had accumulated depreciation of $19,150, and was sold for $9,200, would recognize a gain of $1,500. a. True. b. False.