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.
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The equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time of the sale, the equipment had
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- Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.What was the amount of accumulated depreciation on the asset at the time of its sale
- 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 $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a. What was the depreciation for the first year? Round your answer to the nearest cent.$ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest centwhat was the gain or loss on the sale of the machine?
- A company purchased a piece of farm equipment at a cost of $38,000 and sold it two years later for $25,300. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? _________ on sale _____________ 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Ronny’s Red Hat Company purchased machinery on August 3, Year 1 for $150,000. Ronny, the owner, estimated that the machinery would be sold for $30,000 in 10 years. If Ronny’s red Hat Company uses straight line depreciation, what is included in the entry to record the disposition of the asset on July 31, Year 3 if the machinery is sold for $120,000 cash? Question: Is there a loss or gain on disposition? How much?Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?
- 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.Arlington Company sold equipment for $90,000 cash. The equipment had an original cost of $180,000 and accumulated depreiation of $70,000 as of the date of sale. Which of the following would NOT be included in the entry to record the sale?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
