Nixon Corporation recorded a loss of $7,200 when it sold equipment that originally cost $93,000 for $21,500. Accumulated depreciation on the equipment must have been__.
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Nixon Corporation recorded a loss of $7,200 when it sold equipment that originally cost $93,000 for $21,500.
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- 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?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 $800Novak Corp., a small company that follows ASPE, owns machinery that cost $925,000 and has accumulated depreciation of $385,000. The undiscounted future net cash flows from the use of the asset are expected to be $513,000. The equipment's fair value is $440,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
- Several years ago, a company acquired an asset at a cost of $400,000. Last year, the company recognized an impairment loss of $25,000 and properly reduced the asset's book value from $250,000 to $225,000. Using the asset's new base of $225,000, the company calculates depreciation for the current year to be $10,000, bringing the book value down to $215,000. However, the company has also determined that the asset's fair value has recovered and is now estimated to be $260,000. How should the company measure the asset on its current balance sheet? O The company should reverse the prior impairment and measure the asset at its fair value prior to the initial impairment of $250,000. O The company should not reverse the impairment and should depreciate the asset by $10,000 to a new book value of $215,000. The company should not reverse the impairment and should not depreciate the asset further, leaving the book value at $225,000. O The company should reverse the prior impairment and measure…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 is the depreciation base of the machine on these financial accounting question?
- 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?what was the gain or loss on the sale of the machine?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?
- Alfarabi Company has an asset that had an original cost of $560,000 and depreciation taken to date of $240,000. Management of Alfarabi Company has decided that the asset has suffered an impairment and its expected future net cash flows total $80,000. Further, the asset has a remaining useful life of 3 years and a salvage value of $15,000. No active market exists for the asset and its present value of expected future net cash flows is $61,000. Instructions: a. Prepare the journal entry Alfarabi Company would make to record the impairment in the value of the asset. b. How is the gain or loss on this impairment reported in the income statement?Malfoy Ltd sold a motor vehicle on 30 September 2014. The proceeds from sale were $21,000 cash. The Balance Sheet as at 30 June 2014 reported the motor vehicle at a cost of $45,000 and the accumulated depreciation was $21,600. The motor vehicle is depreciated using the straight-line method at a rate of $5,400 per annum. 'A profit or loss on sale of a non-current asset is simply an over or understatement of depreciation'. Using the information given above, prepare calculations to support your explanation of the statement.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? Question