An asset's book value is $19,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,000, the company should record: a. A loss on sale of $3,000. b. Neither a gain nor a loss is recognized in this type of transaction. c. A gain on sale of $3,000. d. A gain on sale of $3,000. e. A loss on sale of $3,000.
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- Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of zero. Bliss uses the straight -line method of depreciation. At the beginning of the sixth year, the assets book value is 200,000 and Bliss changes the estimate of the assets life to 25 years, so that 20 years now remain in the assets life. Explain how this change will be accounted for in Blisss financial statements, and compute the current and future annual depreciation expense.An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: A. A loss on sale of $12,000. B. A gain on sale of $12,000. C. Neither a gain nor a loss is recognized on this transaction. D. A gain on sale of $3,000. E. A loss on sale of $3,000.An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record: Multiple Choice O O O Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. A loss on sale of $2,000.
- An asset's book value is $64,800 on January 1, Year 6. The asset is being depreciated $900 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $46,600, the company should record: Multiple Choice Neither a gain or loss is recognized on this type of transaction. A loss on sale of $2,000. A gain on sale of $1,000. A loss on sale of $1,000. A gain on sale of $2,000.mark Inc. purchased a machinery on January 1, 2020, at a cost of P1,250,000. It is being depreciated using the straight-line method over its projected useful life of 8 years. On December 31, 2021, the asset’s fair value was P1,125,000. Accordingly, an entry was made on that date to recognize the revaluation surplus. Revaluation is recorded maintaining the proportionate relationship between the asset account and accumulated depreciation. It is the company policy to transfer a portion of revaluation surplus to retained earnings every period. What is the amount of revaluation surplus reported in equity on December 31, 2022?An asset's book value is $18,600 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $14,400, the company should record: Multiple Choice A gain on sale of $13,200. Neither a gain nor a loss is recognized on this transaction. A loss on sale of $4,200. A loss on sale of $13,200. A gain on sale of $4,200.
- ABC Company depreciates asset C by the straight-line method which was acquired in 2019 with residual value of P 14,000. Its cost and accumulated depreciation as of December 31, 2021 were P 70,000 and P 33,600, respectively. ABC Company takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of an asset's disposition. The estimated useful life of asset C is 5 years. On June 30, 2021, ABC Company sold asset C for P 28,000. How much gain (loss) should Vios record in 2022 on the disposal of asset C?(P 8,400)(P 5,600)(P 2,800)P 2,800An entity purchased an asset on 1 January 2006 for OMR 10m. The asset has a useful life of 10 years and uses the straight-line method of depreciation. The asset has no residual value. What is the depreciation charge for the year to 31 December 2009? O a. OMR 769,230. O b. OMR 538,468. O c. OMR 1m. O d. OMR 700,000.The Cheer Company accounts for noncurrent assets using the cost model.On July 20, 2020, Cheer classified a noncurrent asset as held for sale in accordance with IFRS 5. At that date, the asset’s carrying amount was P24,500, its fair value was estimated at P31,500 and the costs to sell at P3,150. The asset was sold on October 18, 2020 for P31,200.How much is the impairment loss and at what amount should the asset be stated in Cheer Company's statement of financial position at September 30, 2020? A.P0 and P24.500 B. P3,850 and P24,500 C. P3,850 and P28,350 D. P0 and P28,350
- Choose the response that correctly states the amount of a seller's gain or loss on repossessed real property with a fair market value of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession is $56,000, the gross profit percentage is 25%, and the costs of repossession were $800. A) Loss of $13,200 B) Loss of $11,200 C) Gain of $11,200 D) Gain of $13,200 Kenisha spent a total of $115,000 to purchase a business, including $15,000 in legal fees for the preparation of the sales contract, and $100,000 paid to the seller. She received a building with a fair market value (FMV) of $70,000, land with an FMV of $10,000, and furniture and fixtures with an FMV of $20,000. What is Kenisha's basis in the building, land, and furniture? A) $70,000 building; $10,000 land; $20,000 furniture and fixtures. B) $75,000 building; $15,000 land; $25,000 furniture and fixtures. C) $80,500 building; $11,500 land; $23,000 furniture and fixtures. D)…During the 30th of June 2020, Hassen LLC sold a Non – Current Asset for OMR 40,000. The organization has acquired the asset at a cost of OMR 150,000. The accumulated depreciation to date was OMR 100,000. Calculate the gain/ (loss) on disposal?On January 1, 2023, an entity acquired an item of property, plant and equipment at a cost of P100,000. The asset had an estimated residual value of P10,000 and a useful life of 10 years. The company uses straight-line method of depreciation computed to the nearest month. On October 1, 2026, the asset was reclassified as “held for sale” under the strict criteria of IFRS 5. Its fair value on this date was P50,000 and the cost to sell was estimated at P2,000. These estimates were considered valid on December 31, 2026. In January 2027, the asset was sold for P50,000 and disposal costs incurred amounted to P3,000. How much is the impairment loss reported in profit or loss for the year 2026?