Mountain View Corporation recorded a loss of $5,200 when it sold equipment that originally cost $45,000 for $12,600. Accumulated depreciation on the equipment must have been:
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- 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 $800On January 1, 20x6, the Bronze Co. purchased equipment for P300,000. The equipment was being depreciated over an estimated life of 10 years on the straight-line method, with no estimated residual value. On December 31, 20x9, the equipment was sold for P200,000. The historical cost/constant peso statement of profit or loss prepared for the year ended December 31, 20x9 should include how much gain or loss from this sale? *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?
- Carter Company disposed of an asset at the end of the eighth year of its estimated life for $16,000 cash. The asset's life was originally estimated to be 10 years. The original cost was $85,000 with an estimated residual value of $8,500. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?Carter Company disposed of an asset at the end of the eighth year of its estimated life for $16,000 cash. The asset's life was originally estimated to be 10 years. The original cost was $85,000 with an estimated residual value of $8,500. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal? QuestionWhat is the depreciation base of the machine on these financial accounting question?
- D.C Company disposed of an asset at the end of the eighth year of its estimated life for $11,500 cash. The asset's life was originally estimated to be 10 years. The original cost was $53,300 with an estimated residual value of $5,300. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?Halle Company 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 9 years. The original cost was $63,000 with an estimated residual value of $6,300. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?A truck costing $42,000 and on which $30,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a 1) loss of $12,000 2) gain of $12,000 3) gain of $7,000. 4) loss of $7,000.
- what was the gain or loss on the sale of the machine?Pocholo Company reported an impairment loss of P512,000 in its income statement for the year 2016. This loss was related to a building that was acquired on January 1, 2008 with a cost of P4,000,000 (no residual value). Depreciation on the building is computed on a straight-line basis and annual depreciation on cost is P160,000. Depreciation for the year 2017 was computed based on the asset’s recoverable amount at December 31, 2016.On December 31, 2021, the entity decided to measure its building using revaluation model. This building was then appraised to a fair value of P2,100,000. What amount of gain on impairment recovery should Pocholo report in its 2021 income statement? a. 128,000 b. 352,000 c. 512,000 d. 692,000What was the gain or loss on the disposal?