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.

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Ladd Company sold a plant asset that originally cost$50,000 for $22,000 cash. If Ladd correctly reports a$5,000 gain on this sale, the accumulated depreciation onthe asset at the date of sale must have been:a. $33,000.b. $28,000.c. $23,000.d. Some other amount.

Hawthorn Company purchased a piece of equipment for $25,000 and has accumulated depreciation of $20,000 at the end of the current year. The company decides to discard the equipment at the end of the current year. What is the journal entry for the disposal? A. Accumulated Depreciation - Equipment Gain on Disposal 30,000 Truck 25,000 B. Equipment Gain on Disposal 25,000 Accumulated Depreciation - Equipment 5,000 20,000 C. Accumulated Depreciation - Equipment 5,000 20, 000 Loss on Disposal 25,000 D. Accumulated Depreciation - Equipment 20, 000 Loss on Disposal 5, 000 Equipment 25, 000

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Equipment was purchased at a cost of $55,000. The equipment had an estimated useful life of 5 years and a residual value of $5,000. Assuming the equipment was sold at the end of Year 4 for $8,000, determine the gain or loss on the sale of equipment. (Assume the straight-line depreciation method.) a. A loss of $8,000 b. A loss of $7,000 c. A gain of $8,000 d. A gain of $7,000

Equipment was acquired at the beginning of the year at a cost of $78,660. 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 $59,486, 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 ACCOUNTSGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise 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 Interest Payable 215 Notes Payable…

XYZ Company purchased machinery on January 1, 20×1, for $50,000. The machinery has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the annual depreciation expense using the straight-line method.

A machine with a cost of $176,000 and accumulated depreciation of $108,000 is sold for $58,400 cash. The amount of the loss related to the sale of this machine should be reported in the operating section under the indirect method is: $86,900. $9,600. $14,100. $28,500. $5,840.

Sheridan Company purchased a depreciable asset for $1140000. The estimated salvage value is $59000, and the estimated useful life is 10000 hours. Sheridan used the asset for 1200 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset?