On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $260,520.00 with an accumulated depreciation of $247,494.00. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $29,959.80. What is the amount of the gain or loss on this transaction? Select the correct answer. Gain of $29,959.80 Gain of $16,933.80 Loss of $16,933.80 Cannot be determined

Q: Want Answer please provide with correct option

A:

Q: On January 1, 2021, Marigold company acquired a computer amounting to P47,000, transportation cost…

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A:

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Q: Duck Pond Golf Club purchased equipment on January 1, 2018, for $48,282. Suppose Duck Pond Golf Club…

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A: Depreciation is the method of reducing the value of the historical cost of the asset by each passing…

Q: Robertson Company exchanged a machine for some land. The machine had cost $17,000, was 70%…

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A: Calculation of cost basis of new machine: Answer: Cost basis of new machine for depreciation purpose…

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A: Information Provided: Purchase price = $235,000 Selling price = $175,000 Depreciation = $115,000

Q: Stark Industries., a C corporation, owned an office building for several years. The building was…

A: Depreciation :— The monetary value of an asset decreases over time due to use, wear and tear or…

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A: Cost of the machine= $30,00,000 Estimated useful life- 8 year The residual value of the machine=…

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A: Gain on the sale of a machine happens if the machine fetches more amount than its book value and if…

Q: Global Positioning Net purchased equipment on January 1, 2018, for $15,233. Suppose Global…

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Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

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A: If a fixed asset is sold, then gain or loss arises on the sale of such fixed asset is recorded as…

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Q: please provide answer

A: Step 1: Gain on sale original formula Gain on sale = Proceeds - (Original cost - Accumulated…

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A: In order to determine the carrying value of the assets, the accumulated depreciation is required to…

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A: DEPRECIATION EXPENSEDepreciation means gradual decrease in the value of an asset due to normal wear…

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A: Correct option:c. $9,427.05 Show formula version of the detailed solution sheet for a better…

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A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

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A: Depreciation under straight line method = (Historical cost - Salvage value)/Useful life

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A:

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Q: Want Answer With Correct Solution

A: The gain on the sale is the difference between the selling price and the book value.  The selling…

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A: Gain or loss on the sale of the assets held by an individual or a business entity is the net amount…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.