The equipment was sold for $50,000 The equipment was originally purchased for $35,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded on the sale of equipment.

What was the amount of accumulated depreciation on the asset at the time of its sale

please provide answer

Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a.  What was the depreciation expense for the first year?$ b.  Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. a. What was the depreciation expense for the first year? $4 11,250 b. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on sale of the equipment. Gain Feedback V Check My Work Partially correct c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash 7,500 Accumulated Depreciation 67,500 X 11,250 Equipment 75,000 Gain on Sale of Equipment

Equipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of nine years and an estimated residual value of $27,000. a.  What was the depreciation for the first year?$fill in the blank b.  Assuming the equipment was sold at the end of the fifth year for $138,700, determine the gain or loss on the sale of the equipment. Enter your answer as a positive amount.$ fill in the blank     -      loss or gain   c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.       debit credit blank   Cash $ fill in blank $fill in blank     Accumulated Depreciation-Equipment $fill in blank $fill in blank     Loss on Sale of Equipment $fill in blank $fill in blank     equipment  $fill in blank $fill in blank

Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $59,900, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation Cash Gain on Sale of Equipment Loss on Sale of Equipment

ABC Company sold a machine for $8,500 that originally cost $16,000. The balance of the Accumulated Depreciation account related to this equipment was $10,300. The entry to record the gain or loss on the disposal of this machine would include: right Answer

The equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded on the sale of equipment.

Equipment was acquired at the beginning of the year at a cost of $75,720. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920. Required: a.  What was the depreciation expense for the first year? b.  Assuming the equipment was sold at the end of the second year for $57,370, determine the gain or loss on sale of the equipment. c.  Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214…