Gain or Loss on Sale of EquipmentAssume that on December 31, 2022 Adventure Park, Corp decided to sell the wild wonder swing in orderto purchase the wild wonder super deluxe swing. The company had been using the DDB Method and theswing had a net book value of $53,333 on the day of the sale. The company sold the swing for $65,000.Required1 Determine the gain or loss on sale.Historical cost(Accumulated depreciation)Net book valueCash received on sale(Gain) Loss on salePage 12 Record the sale of the swing.General JournalDRCRB AnalysisExplain the steps for removing a long-term asset from the books when the asset isExplain how the gain or loss on sale is calculated.

Name: Gain or Loss on Sale of EquipmentAssume that on December 31, 2022 Adv
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Description: Gain or Loss on Sale of EquipmentAssume that on December 31, 2022 Adventure Park, Corp decided to sell the wild wonder swing in orderto purchase the wild wonder super deluxe swing. The company had been using the DDB Method and theswing had a net boo

(Gain) loss on the sale of equipment = Net book value of assets at the time sale - Cash received…

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Assume that on December 31, 2022 Adventure Park, Corp decided to sell the wild wonder swing in order to purchase the wild wonder super deluxe swing. The company had been using the DDB Method and the swing had a net book value of $53,333 on the day of the sale. The company sold the swing for $65,000. Required Determine the gain or loss on sale. Historical cost (Accumulated depreciation) Net book value Cash received on sale Page 1. |(Gain) oss on sale Record the sale of the swing. General Journal DR CR

Assume that on December 31, 2022 Adventure Park, Corp decided to sell the wild wonder swing in order to purchase the wild wonder super deluxe swing. The company had been using the DDB Method and the swing had a net book value of $53,333 on the day of the sale. The company sold the swing for $65,000. Required Determine the gain or loss on sale. Historical cost (Accumulated depreciation) Net book value Cash received on sale Page 1. |(Gain) oss on sale Record the sale of the swing. General Journal DR CR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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