Hello tutor please provide this question solution general accounting The Hope Corporation purchased a large machine 7 years agoat a total cost of $250,000. The accumulated depreciation onthis machine is $180,000. The corporation sold the machine at a$6,000 loss. What amount would be reported as cash proceedsfrom this sale?A. $64,000B. $76,000C. $6,000D. $70,000

Step 1:Define Accumulated DepreciationThe accumulated depreciation on any date is the total…

Answered: The Hope Corporation purchased a large…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 32CE

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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.
Albert Corp. bought a machine for $10,000 thirteen years ago. It has been depreciated on a straight-line basis over a 20-year life with no salvage value. The firm just sold the machine for $6,000. How much gain/loss should be reported on the sale? a. $4,000 loss b. $2,500 loss c. No gain or loss d. $2,500 gain e. $4,000 gain
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Assume Sambazon.com e sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $58,311 and a gain of $6,721 was recognized on the sale, what was the original cost of the asset? O $223,590 O $216,869 O $165,279 O $65,032 O $113,689
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What was the amount of accumulated depreciation on the asset at the time of its sale
JJ Corp. purchased a new machine with an estimated useful life of 5 years with no salvage value of P 45,000. The machine is expected to produce cash flow from operations, net of income taxes, as follows: 1st year P 9,000 4th year P 9,000 2nd year 12,000 5th year 8,000 3rd year 15,000 JJ will use the sum-of-the-years’ digit method of depreciate the new machine in its accounting records as follows: 1st year P15,000 4th year P 6,000 2nd year 12,000 5th year 3,000 3rd year 9,000 What is the payback period?
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Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record a. a $3,000 lossb. the truck at $18,000c. a gain of $11,000d. the truck at $23,000

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