A truck cost $60,000 when purchased and has a $55,000 balance in the accumulated depreciation account. If the truck is discarded we will record: a. loss on disposal, $5,000. b. gain on disposal, $5,000. c. no gain or loss because it was discarded. d. loss of $60,000.
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- A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or lossA truck costing $42,000 and on which $30,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a 1) loss of $12,000 2) gain of $12,000 3) gain of $7,000. 4) loss of $7,000.A truck costing S72,000 has accumulated depreciation of $48,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Cash for $8,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000 and credit Gain on Disposal for S32,500. O B. debit Cash for $15,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000, and credit Gain on Disposal for $8,500. OC. debit Accumulated Depreciation - Truck for $48,000, and credit Truck for $48,000. O D. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $48,000, debit loss on Disposal for $15,500 , and credit Truck for $72,000.
- Good Dairy sold a delivery truck for cash of $6,400. The original cost of the truck was $26,000, and a loss of $4,000 was recognized on the sale. The accumulated depreciation at the date of sale must have been: A . $15,600. B. $12,400. C. $8,400. D. $19,600.A truck that cost $19,200 and was expected to last 5 years was scrapped after 3 years. If the truck was being depreciated on a straight-line basis (with no salvage value), the loss recognized on disposal would be a.$11,520. b.$19,200. c.$7,680. d.$9,600.A truck acquired at a cost of $195,000 has an estimated residual value of $9,000, has an estimated useful life of 62,000 miles, and was driven 6,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1 (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3
- A truck acquired at a cost of $445,000 has an estimated residual value of $26,500, has an estimated useful life of 45,000 miles, and was driven 4,100 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3 Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $337,000. Legal fees paid were $1,620, delinquent taxes assumed were $11,900, and fees paid to remove an old building from the land were $18,900. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,121,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$fill in the…1. Disposal of an asset. From pages 7-7 and 7-8 of the VLN, the company sold the mower after using it for a year and a half for $6,000. In recording the sale, they would: Group of answer choices A. Debit a loss for $2,000 B. Debit cash for $2,000 C. Credit a gain for $1,000 D. Credit accumulated depreciation for $3,000 2. From page 7-8 of the VLN, what is the net profit margin in the practice problem on the bottom of the page? Do not include the % sign, carry to one decimal place. ___._%1. A truck that cost $63,000 and on which $30,000 of accumulated depreciation has been recorded was disposed of for $27,000 cash. The entry to record this event would include a a. gain of $6,000. b. loss of $6,000. c. credit to the Truck account for $33,000. d. credit to Accumulated Depreciation for $30,000.
- A truck acquired at a cost of $410,000 has an estimated residual value of $25,000, has an estimated useful life of 50,000 miles, and was driven 3,500 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3Help me selecting the right answer. Thank youSubject - account Please helo me. Thankyou.