Question: Lawler Clothing sold manufacturing equipment for $20,000. Lawler originally purchased the equipment for $84,000, and depreciation through the date of sale totaled $73,000. What was the gain or loss on the sale of the equipment?
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- What was the gain or loss on the sale of the equipment on this general accounting question?Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine was sold for $17,000, what was the anmount of the gain or loss recorded at the time of the sale? Select one: a. $16,000. b. $17,000 C. $68,000 d. $3,000Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $72.500. and it has claimed $24,800 of depreciation expense against the building. Required: a. Assuming that Houswirth receives $59,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $59,700 compute Houswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Houswirth receives $26.500 in cash in year 0 and a $57,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a Required b Required c Assuming that Hauswirth receives $59,700 in cash for the warehouse, compute the amount…
- Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally purchased for $40,000, and depreciation through the date of sale totaled $25,000. 1. What was the gain or loss on the sale of the equipment? on sale
- As a result of the transaction, what is the effect on the profit or loss? what is the cost of the new asset acquired? with computationsSony Company has decided to sell one of its old machines on December 31, 2019. The machine was purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine was sold for $17,000, what was the amount of the gain or loss recorded at the time of the sale? nestion Select one: a. The answer does not exist b. $3,000 C. $68,000 d. $16,000. Tim e. $17,000 Previous page Next page OSHIBA FI F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 PRTSC SYSRQ F12 HOM PAUS -因 * 2 5 HOME 8 PGUP 9. Y ! P 4 F G y H i K END 1 PGDN V N i INS DEL ALT ALT * 19 EBarry Company sells a patent for $25,000. The patent had an acquisition cost of $120,000 and accumulated amortization of $100,000 at the time of the sale. What was the amount of gain or loss recognized on the disposal of the patent?
- Kwan acquired a warehouse for business purposes on August 30, 2002. The building cost $550,000. Kwan took $291,500 of depreciation on the building, and then sold it for $680,000 on July 1, 2022. Required: What is the adjusted basis for the warehouse? What amount of the gain or loss is realized on the sale of the warehouse? What amount of the gain or loss is unrecaptured? At what rate is the unrecaptured gain or loss taxed? What amount of the gain or loss qualifies as a § 1231 gain or loss?What was the amount of accumulated depreciation on the asset at the time of its saleJake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is : On what from would the gain or loss originally he reported?