Provide step by step calculation with explanation of the financial accounting question manufacturing machine cost $180,000 when new and has anaccumulated depreciation of $162,000. If the business discards thisplant asset, the result isA. a loss of $18,000.B. a loss of $24,000.C. a gain of $18,000.D. a gain of $24,000.

Step 1: Definition of Asset DisposalAsset disposal refers to removing an asset from the business…

Answered: manufacturing machine cost $180,000…

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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A copy machine cost $32,000 when new and has accumulated depreciation of $26,000. Suppose Copy Center sold the machine for $6,000. What is the result of this disposal transaction? OA. Loss of $6,000 OB. Loss of $26,000 OC. Gain of $6,000 OD. No gain or loss
A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or loss
A copy machine cost $33,000 when new and has accumulated depreciation of $30,000. Suppose ABC Printing discards this machine and receives nothing. What is the result of the disposal transaction? OA. No gain or loss OB. Loss of $3,000 OC. Loss of $33,000 O D. Gain of $3,000
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A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 4,100 loss b. dollar 3,500 loss c. dollar 4,150 gain d. dollar 2,000 gain
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manufacturing machine cost $180,000 when new and has an accumulated depreciation of $162,000. If the business discards this plant asset, the result is A. a loss of $18,000. B. a loss of $24,000. C. a gain of $18,000. D. a gain of $24,000.