ra1 Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale FSETSloan Company uses its own executive charter plane that originally cost $1,680,000. It has recorded straight-line depreciation on the plane for 10 full years, with a $168,000 expected salvage value at the end of its estimated 14 year useful life. Sloandisposes of the plane at the end of Year 10.a. Determine the following at the disposal date:Accumulated depreciation $ 1080000Net book value $ 600000b. Using the financial statement effects template, show how the disposal of the plane affects thebalance sheet and income statement, assuming that the sales price is:1. Cash equal to the book value of the plane.2. $420,000 cash.3. $1,260,000 cash.Balance SheetIncome StatementCashNoncashContraSale price optionsAssetAssetsAssetsLiabilitiesContributedCapitalEarnedCapitalRevenuesExpensesNetIncome142 ×0 ×-1120000 X0 ✓0 ✓0 ✓0 ✓2420000✓0 x-1120000 X0 ✓00 ×0☑-140000 X31120000 X0 ×1120000 X0✓0✓0 %0 ×0 ✓0 ×-560000 X560000 X

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Description: ra1 Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale FSETSloan Company uses its own executive charter plane that originally cost $1,680,000. It has recorded straight-line depreciation on the plane for 10 full years, with a $16

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Sloan Company uses its own executive charter plane that originally cost $1,680,000. It has recorded straight-line depreciation on the plane for 10 full years, with a $168,000 expected salvage value at the end of its estimated 14 year useful life. Sloa disposes of the plane at the end of Year 10. a. Determine the following at the disposal date: Accumulated depreciation $ 1080000 x

Sloan Company uses its own executive charter plane that originally cost $1,680,000. It has recorded straight-line depreciation on the plane for 10 full years, with a $168,000 expected salvage value at the end of its estimated 14 year useful life. Sloa disposes of the plane at the end of Year 10. a. Determine the following at the disposal date: Accumulated depreciation $ 1080000 x

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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