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…

A: Cost of computer = Purchase price of computer + transportation cost + installation cost of desk…

Q: Want Answer of the question

A: simple bro  Accumulated depreciation on the asset = Cost of the asset - Book value of the Asset so,…

Q: At the beginning of the current year, Bert Company purchased a mineral mine for P26,400,000 with…

A: GIVEN   At the beginning of the current year, Bert Company purchased a mineral mine for P26,400,000…

Q: Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was$52,000.…

A:

Q: Willis Company trades in a printing press for a newer model. The cost of the old printing press was…

A: This is a case of asset exchange, and exchanges having commercial substance are recorded at fair…

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

A: Solution: Computation of gain (loss): Market value of assets received    36000 Less: Book value…

Q: previously used piece of machinery is purchased from XYZ company, who has fully depreciated the…

A: As per IFRS 16 PROPERTY PLANT AND EQUIPMENT Here the machine having salvage value of $200,000 was…

Q: Torikatsu Company purchased a machine for P 100,000; current accumulated depreciation totals P…

A: Sunk Costs are costs that are have already been incurred (i.e., Historical Cost). These costs does…

Q: On January 2nd, 2014 a business bought two motor vehicles for $30000 and $40000. It was decided that…

A: Non current assets arar those assets which arare being held by the business for more than one year.…

Q: At the beginning of the current year, Bert Company purchased a mineral mine for P26,400,000 with…

A: Lets understand the basics. Depletion needs to calculate when there is extraction of mineral…

Q: Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse…

A: Appraised Value: It is an evaluation of a property's value (Eg:Land, Warehouse) based on a given…

Q: On 1st March 2011, Earthon LLC bought Equipment to be used as a storage facility at a cost of…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the warehouse…

A: Sec.1231 Gain or loss:A Sec.1231 gain or loss is the difference between the basis of property tax…

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

A: Formula to compute new machine amount to be recorded:New machine amount = Sale value of the new…

Q: What is the impact of the error in 2022 net income?

A: Hardy Man Inc. incurred repair costs of a machine in 2021 for P 30,000 and erroneously capitalized…

Q: Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after…

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

Q: On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the…

A: Step 1: Introduction to the Asset Disposal:Asset disposal is the process of selling of fixed asset…

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…

Q: Mr. Wonder purchased a machine amounting to P7,000,000 on January 1, 2013 providing the newest kind…

A: Step 1 Noncurrent assets held for sale are those assets if they are held for immediate sale in a…

Q: The Lewis Company acquired a large, highly-automated machine for $3,000,000 on February 28, 2016.…

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

Q: JT Enterprises decides to scrap its old widget-making machine, which has a book value of $8,600. The…

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

Q: sted a depreciation schedule of straight-line and double- declining-balance depreciation methods.…

A: Depreciation refers to the concept which evaluates the decline rate of an asset until its entire…

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.

Q: Hotroad LLC acquired a new asphalt mixing plant for $500,000 on 1st of January 2016. The…

A: Depreciation is referred to as an amount which is charged by the business on its tangible…

Q: Suppose GENERAL MILLS sold a building for $120 million on June 1, 2021. GENERAL MILS originally…

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

Q: The Galley purchased a property two years ago at a cost of $19,800, and the firm uses a three-year…

A: Initial cost = i = $19,800Time = t = 3 YearsSelling Price = s = $13,500

Q: hel

A: In the given case asset is exchanged with new asset wherein the vendor agreed for the value of old…

Q: Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the…

A: Fixed assets like equipment are capitalized in the books when they are initially acquired instead of…

Q: TB MC Qu. 12-77 (Algo) Antique Corporation is contemplating the ... Antique Corporation is…

A: Cash flow after taxes is a measure of cash flow that takes into account how taxes affect…

Q: USK COMPANY purchased a wood cutter on September 1, 2019 for P652,000. At the time of acquisition,…

A: solution: given: purchase price (cost )     =P652,000 useful life           =14 years residual value…

Q: Francis Company purchased a machine for $24, 000; the seller is holding the note. Francis Company…

A: The adjusted basis of machinery refers to the original cost of acquiring the machinery, adjusted for…

Q: Easy-going company acquired some Plant at a cost of $1.5million. As at 30 June 2014 the plant had…

A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, Recoverable…

Q: After recording depreciation for the current year, Media Mania Incorporated decided to discontinue…

A: Loss on impairment = carrying value - Recoverable amount Where, Recoverable amount = Lower of fair…

Q: Pull Company is considering the disposal of equipment that is no longer needed for operations. The…

A:

Q: please provide answer

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

Q: Ann Chovies, owner of the Perfect Pasta Pizza Parlor, uses 20 pounds of pepperoni each day in…

A: Optimum quantity to be order a time and number of order in a year are used to minimized the ordering…

Q: turdivant Company owns an executive plane that originally cost $1,280,000. It has recorded…

A: In straight line method of depreciation there is uniform annual depreciation and book value…

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.