Delphi Corporation disposed of an asset at the end of the sixth year of its estimated life for $9,200 cash. The asset's life was originally estimated to be 8 years. The original cost was $42,600 with an estimated residual value of $3,400. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal? HELP

Delphi Corporation disposed of an asset at the end of the sixth year of its estimated life for $9,200 cash. The asset's life was originally estimated to be 8 years. The original cost was $42,600 with an estimated residual value of $3,400. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal? HELP

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PB: Tree Lovers Inc. purchased 2,500 acres of woodland in which it intends to harvest the complete...

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What was the gain or loss on the disposal?
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Delphi Corporation disposed of an asset at the end of the sixth year of its estimated life for $9,200 cash. The asset's life was originally estimated to be 8 years. The original cost was $42,600 with an estimated residual value of $3,400. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal? Answer
Cooper Industries disposed of an asset at the end of the sixth year of its estimated life for $12,500 cash. The asset's life was originally estimated to be 8 years. The original cost was $76,000 with an estimated residual value of $6,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?
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What was the gain or loss on the disposal?