Chapter 7, Problem 1.2EC

Can you solve this financial accounting problem using appropriate financial principles?

Suntech Corporation disposed of equipment at the end of the fourth year of its estimated life for $28,000 cash. The equipment's life was originally estimated to be 7 years. The original cost was $95,000, with an estimated residual value of $11,000. The equipment was being depreciated using the straight-line method. What was the gain or loss on the disposal? Solve this

Suntech Corporation disposed of equipment at the end of the fourth year of its estimated life for $28,000 cash. The equipment's life was originally estimated to be 7 years. The original cost was $95,000, with an estimated residual value of $11,000. The equipment was being depreciated using the straight-line method. What was the gain or loss on the disposal?

Please provide the solution to this general accounting question with accurate financial calculations.

Cleopatra Production Inc. estimated its manufacturing overhead costs for 2024 to be $360,000, based on 120,000 estimated machine hours. The actual machine hours for 2024 were 110,000. The manufacturing overhead account contains debit entries totaling $352,000. Determine whether the manufacturing overhead for 2024 was overallocated or underallocated.

Please explain the solution to this financial accounting problem using the correct financial principles.

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