MaxTrans Logistics sold its fleet of trucks for $78,000. The trucks originally cost $1,800,000, and the Accumulated Depreciation on the trucks through the date of disposal was $1,500,000. What gain or loss did MaxTrans Logistics record when it sold the fleet of trucks?
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- Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost $67,000, but Willis was given a trade-in allowance of $10,000. a. What amount of cash did Willis have to pay to acquire the new bus? b. Compute the gain or loss on the disposal for financial reporting purposes. c. Explain how the gain or loss would be reported in the company's income statement. Solutions a. $57,000 ($67,000 less $10,000 trade-in allowance) b. Trade-in allowance Less: Book value ($52,000 - $34,000) Loss on trade-in $ 10,000 c. The $8,000 loss on trade-in is reported in Willis Bus Service's income statement following the amount of income from operations. (18,000) (8,000)What was the gain or loss on the disposal??The ABC company bought a truck costing $100,000 two and a half years ago. The trucks estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $15,000. what taxable gain must be reported on the sale of the truck?
- The Johnson Company bought a truck costing $24,000 two and a half years ago. The truck's estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $19,000. What taxable gain must be reported on the sale of the truck?Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?JT Enterprises decides to scrap its old widget-making machine, which has a book value of $8,600. The salvage company pays JT $8,700 for the machine. How should JT record this disposition? a.) as a $100 loss b.) as a $100 gain c.) as an $8,600 loss d.) as an $8,700 gain
- What is the result of this disposal transaction?On December 31, Strike Company decided to sell one of its batting cages. The initial cost of the equipment was $308,000 with accumulated depreciation of $199,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $35,000. What is the amount of the gain or loss on this transaction? Answer this questionOn December 31, Strike Company decided to sell one of its batting cages. The initial cost of the equipment was $308,000 with accumulated depreciation of $199,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $35,000. What is the amount of the gain or loss on this transaction?
- Please help me with this question: Holmes Packaging sold a machine for $49,500. The company bought this machine for $120,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $12,000 salvage value. What is the gain (loss) that Holmes Packaging should report?What was the gain or loss on the disposal ??Target Corporation purchased delivery trucks worth $780,000 with an estimated useful life of 6 years and a salvage value of $60,000. The company uses straight-line depreciation for its vehicles. On July 1. 2024, Target decided to sell one of these trucks, which had book value of $117,000, for $125,000 cash. What was the gain or loss on the sale of this truck? (Note: The original cost of the sold truck was $195.000. and accumulated depreciation up to the date of sale needs to be calculated). Boeing reported total revenue of $77.8 billion. with $46.6 billion from commercial airplanes and $22.7 billion from defense. space. and security contracts. The company's operating expenses for the were $72.3 billion, including $13.5 billion in research and development costs. Boeing also faced a one-time legal settlement expense of $1.2 billion related to the 737 MAX issues. The effective tax rate for the year was 21%. and the company paid $800 million in dividends to shareholders. Based on this…