Stone Company purchased a tractor at a cost of $180,000. The tractor has an estimated salvage value of $20,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, Year 1 and was used 2,400 hours in Year 1 and 2,100 hours in Year 2. On January 1, Year 3, the company decided to sell the tractor for $70,000. Stone uses the units-of-production method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show: A loss of $38,000 No gain or loss on the sale A loss of $70,000 A gain of $70,000

Stone Company purchased a tractor at a cost of $180,000. The tractor has an estimated salvage value of $20,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, Year 1 and was used 2,400 hours in Year 1 and 2,100 hours in Year 2. On January 1, Year 3, the company decided to sell the tractor for $70,000. Stone uses the units-of-production method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show: A loss of $38,000 No gain or loss on the sale A loss of $70,000 A gain of $70,000

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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