Do fast answer of this accounting questions Madison Manufacturing sold production machinery for$42,000. The machinery was originally purchased for$156,000, and accumulated depreciation through the date ofsale was $128,000. Calculate the gain or loss on the sale ofthe machinery.

Step 1: Definition of Gain or Loss on Asset SaleThe gain or loss on the sale of an asset is the…

Answered: Madison Manufacturing sold production…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 32CE

See similar textbooks

Similar questions

Arlington Company sold equipment for $90,000 cash. The equipment had an original cost of $180,000 and accumulated depreiation of $70,000 as of the date of sale. Which of the following would NOT be included in the entry to record the sale?
Padre, Inc., purchased a used piece of heavy equipment for $25,000. Delivery of the equipmentto Padre’s business site cost $750. Expenditures to recondition the equipment and prepare it foruse totaled $2,230. The maintenance for the first year Padre owned the equipment was $1,200.Determine the cost that is the basis for calculating annual depreciation on the equipment.
Lowes Corporation sold its storage building for $86,000 cash. Lowes originally purchased the building for $200,000, and depreciation through the date of sale totaled $120,000. Required:Prepare the journal entry to record the sale of this building. (A separate calculation of any gain or loss is recommended.)
ABC Company sold a machine for $8,500 that originally cost $16,000. The balance of the Accumulated Depreciation account related to this equipment was $10,300. The entry to record the gain or loss on the disposal of this machine would include: right Answer
The Bacon Company acquired new machinery with a price of $13,166 by trading in similar old machinery and paying $11,849.40. The old machinery originally cost $8,904 and had accumulated depreciation of $7,123.20. In recording this transaction, what should Bacon Company record? a.the new machinery at $11,849.40 b.a loss of $464.20 c.the new machinery at $11,385.20 d.a gain of $464.20
Post Company uses straight- line depreciation for all of its depreciable assets. Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five- year life and zero residual value. Accumulated depreciation was $400. If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts? Gain of $400 Gain of $ 1,200. Loss of $ 400. Loss of $800
Sokolsky Excavating purchased a used dump truck for $90,000 on January 1, 2018. Thecompany has depreciated the dump truck using the straight-line method over its estimated10-year life with a $6,000 residual value. Sokolsky sold the dump truck on January 1,2021, for $68,700. Total accumulated depreciation on the dump truck on the date of salewas $25,200. What gain or loss should be recorded on the sale?a. A gain of $3,900b. A loss of $3,900c. A loss of $21,300d. A gain of $21,300
Sheffield Corporation purchased equipment on January 1, Year 1 for $105,000. Sheffield used the straight-line method of depreciation with a $22,000 salvage value and a useful life of 5 years. On January 1, Year 3 Sheffield sold this equipment for $77,000. Required: Calculate the gain or loss Sheffield should recognize from this sale. Gain
Garcia Company owns equipment that cost $78,400, with accumulated depreciation of $41,600. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,200 cash, (2) $36,800 cash, and (3) $31,700 cash.
Silverman company purchased machine for Rp. 162.000 on January 1, 2019. Its estimated that the machinery will have a useful life of 20 years, residual value of Rp. 15.000, production of 84.000 units, and working hours of 42.000. During 2019, the company uses the machinery for 14.300 hours, and machinery produces 20.000 units. Compute depreciation under: (i) straight line method (ii) unit of output (iii) working hours (iv) sum of the years digit (v) double declining balance method
please provide answer
XYZ Company purchased machinery on January 1, 20×1, for $50,000. The machinery has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the annual depreciation expense using the straight-line method.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS

Madison Manufacturing sold production machinery for $42,000. The machinery was originally purchased for $156,000, and accumulated depreciation through the date of sale was $128,000. Calculate the gain or loss on the sale of the machinery.