Help The Oakdale Corporation purchased a largemachine 5 years ago at a total cost of$300,000. The accumulated depreciation onthis machine is $150,000. The corporation soldthe machine at a $9,000 loss. What amountwould be reported as cash proceeds from thissale?

Explanation of Cash Proceeds from Sale:The cash proceeds from sale refer to the actual amount of…

Answered: The Oakdale Corporation purchased a…

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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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?
What is the amount of gain or loss recorded on the sale of this machine on these financial accounting question?
Robertson Inc. bought a machine on January 1, 2000 for $300,000. The machinehad an expected life of 20 years and was expected to have a salvage value of$30,000. Robertson uses straight-line depreciation. On July 1, 2010, the companyreviewed the potential of the machine and determined that its undiscounted futurenet cash flows totaled $150,000 and its discounted future net cash flows totaled$105,000. If no active market exists for the machine and the company does notplan to dispose of it, what should Robertson record as an impairment loss on July1, 2010?a. $ 0b. $ 8,250c. $15,000d. $53,250
Hello! I need help with the following accounting question regarding the calculation of the amount of depreciation expenses calculated under the assumtpions attatched below. Thank you in advance!
What is the amount of gain or loss recorded on the sale of this machine?
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The Oakdale Corporation purchased a large machine 5 years ago at a total cost of $300,000. The accumulated depreciation on this machine is $150,000. The corporation sold the machine at a $9,000 loss. What amount would be reported as cash proceeds from this sale?