Kindly help me with this financial accounting questions not use chart gpt please fast given solution Rivera Company disposed of an asset at the end of theninth year of its estimated life for $9,200 cash. Theasset's life was originally estimated to be 10 years. Theoriginal cost was $48,000, with an estimated residualvalue of $3,000. The asset was being depreciated usingthe straight-line method.What was the gain or loss on the disposal?

Step 1: Define Asset DisposalAsset disposal refers to removing a fixed asset from a company's books…

Answered: Rivera Company disposed of an asset at…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What was the gain or loss on the disposal??
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Eagle Company purchased a piece of machinery for $75,000 on January 1, 20x1, and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and no salvage value. On January 1, 20x3, Eagle decided to switch to the straight-line method of depreciation. The residual value is still zero and the estimated useful life did not change. Required: a) Prepare the appropriate journal entry, if any, to record the accounting change. b) Prepare the journal entry to record depreciation for 20x3. Huckleberry Company purchased a machine on January 1, 20x1. The machine had a cost of $350,000 with a $10,000 residual value. The estimated useful life of the machine was eight years. On January 1, 20x3, due to technological innovations, the estimated useful life was reduced by two years from the original life and the residual value was reduced by 50%. The company uses straight-line depreciation. Required: Prepare the journal entry to record…

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