A truck that cost R.O.42,000 and on which R.O0.35,000 of accumulated depreciation has been recorded was disposed of for R.O.3,500 cash. The entry to record this event would include a
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- A truck acquired at a cost of $195,000 has an estimated residual value of $11,250, has an estimated useful life of 35,000 miles, and was driven 2,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost (b) The depreciation rate per mile (c) The units-of-activity depreciation for the yearEquipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of nine years and an estimated residual value of $27,000. a. What was the depreciation for the first year?$fill in the blank b. Assuming the equipment was sold at the end of the fifth year for $138,700, determine the gain or loss on the sale of the equipment. Enter your answer as a positive amount.$ fill in the blank - loss or gain c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. debit credit blank Cash $ fill in blank $fill in blank Accumulated Depreciation-Equipment $fill in blank $fill in blank Loss on Sale of Equipment $fill in blank $fill in blank equipment $fill in blank $fill in blankEquipment was acquired at the beginning of the year at a cost of $76,920. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,980. a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $58,300, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
- Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b. Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0". - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -Patterson Company’s Depreciation Expense is $20,400 and the beginning and ending Accumulated Depreciation balances are $150,200 and $155,200, respectively. What is the cash paid for depreciation?Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,980. a. Compute the depreciation expense for the first year.$fill in the blank 1a46def96073f8b_1 b. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.$fill in the blank 1a46def96073f8b_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
- Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $59,900, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation Cash Gain on Sale of Equipment Loss on Sale of EquipmentAn asset that had a first cost of $80,000 was depreciated according to the MACRS method over a 5-year period. At the end of year 4, it was replaced with a more-advanced system and sold for $15,000. Determine if depreciation recapture or a capital loss was present and, if so, how much.23.- Equipment with an original cost of $50,420 and accumulated depreciation of $33,290 was sold at a loss of $7,128. As a result of this transaction, cash would
- Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a. What was the depreciation expense for the first year?$ b. Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.Hawthorn Company purchased a piece of equipment for $25,000 and has accumulated depreciation of $20,000 at the end of the current year. The company decides to discard the equipment at the end of the current year. What is the journal entry for the disposal? A. Accumulated Depreciation - Equipment Gain on Disposal 30,000 Truck 25,000 B. Equipment Gain on Disposal 25,000 Accumulated Depreciation - Equipment 5,000 20,000 C. Accumulated Depreciation - Equipment 5,000 20, 000 Loss on Disposal 25,000 D. Accumulated Depreciation - Equipment 20, 000 Loss on Disposal 5, 000 Equipment 25, 000A 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.