Sony Company has decided to sell one of its old machines on December 31, 2019. The machinewas purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine wassold for $17,000, what was the amount of the gain or loss recorded at the time of the sale?nestionSelect one:a. The answer does not existb. $3,000C. $68,000d. $16,000.Time. $17,000Previous pageNext pageOSHIBAFIF2F3F4F5F6F7F8F9F10F11PRTSCSYSRQF12HOMPAUS-因*25HOME8PGUP9.Y !P4FG yH iKEND1PGDNVN iINSDELALTALT* 19E

Name: Sony Company has decided to sell one of its old machines on December
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Sony Company has decided to sell one of its old machines on December 31, 2019. The machinewas purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine wassold for $17,000, what was the amount of the gain or loss recorded

The amount of gain or loss on machinery sale or any other asset is evaluated with the difference in…

Business

Accounting

Sony Company has decided to sell one of its old machines on December 31, 2019. The mach. was purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine sold for $17,000, what was the amount of the gain or loss recorded at the time of the sale? son Select one: a. The answer does not exist b. $3,000 C. $68,000

Sony Company has decided to sell one of its old machines on December 31, 2019. The mach. was purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine sold for $17,000, what was the amount of the gain or loss recorded at the time of the sale? son Select one: a. The answer does not exist b. $3,000 C. $68,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3. Newman Co. purchased CNC router cutting and engraving machinery at a cost of $320,000 in January 2019. The company’s estimated useful life of this high tech equipment is 5 years, and the estimated salvage value is $48,000. Using the straight-line method, the net book value at December 31, 2021, after the third year of the machinery’s life, would be: Multiple Choice $163,200. $211,200. $156,800. $128,000.
Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $22,300. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $4,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $10,100 cash, (b) S7,700 cash, and (c) $11,200 cash. The company recorded the car as equipment.
7
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?
Give calculation
Swifty Company purchased machinery for $939000 on January 1, 2019. Accumulated Depreciation was $846000 on December 31, 2025. The machinery was sold on January 1, 2026 for $70000. What gain or loss did Swifty record from the sale of the machinery? O $70000 loss O $23000 gain O $70000 gain O $23000 loss
A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2018. The accumulated depreciation account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded. The company should recognize a: Multiple Choice $100,000 loss on disposal. $40,000 loss on disposal. $40,000 gain on disposal. $25,000 loss on disposal.
← Gulfcoast, Inc. purchased a van on January 1, 2019, for $830,000. Estimated life of the van was five years, and its estimated residual value was $94,000. Gulfcoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2019. OA. $778,125 B. $682,800 C. $674,375 OD. $736,000
Please help me
Can you also show me how to do this one? 12. XYZ Co. purchased new trucks at the beginning of 2018 for $600,000. The trucks had an estimated life of four yearsand an estimated residual value of $50,000. They use straight-line depreciation. At the beginning of 2019, XYZ sold thetrucks for $480,000 and purchased new trucks for $700,000.A. Calculate book value of the trucks at the end of 2018.B. Calculate the gain (loss) on the sale of the trucks at the beginning of 2019. Calculate the amount and indicate if it is a gain or a loss.
H1. Account
On December 31, 2020, Listach Inc. sold a used industrial crane for $600,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2020. What is the gain or loss from the December 31, 2020 equipment sale? Group of answer choices A)$800,000 gain B)$800,000 loss C)$200,000 loss D)$200,000 gain E)None of the above