Cost of asset: $120,000, purchased on the first day of Year 1. Estimated Useful life:  7 years Estimated Total Units of activity : 10,000 units Estimated Salvage value: $ 15,000 Units of Production in Year 1 : 2000 units   The company adpoted straight line method for depreciation, the asset was disposed on the first day of Year 3 for $93,000.   Gain on disposal:$_____________

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Cost of asset: $120,000, purchased on the first day of Year 1.

Estimated Useful life:  7 years

Estimated Total Units of activity : 10,000 units

Estimated Salvage value: $ 15,000

Units of Production in Year 1 : 2000 units

 

The company adpoted straight line method for depreciation, the asset was disposed on the first day of Year 3 for $93,000.

 

Gain on disposal:$______________

 

 

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