INTERMEDIATE ACCOUNTING (LL)-W/ACCESS
17th Edition
ISBN: 9781119598565
Author: Kieso
Publisher: WILEY
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On January 1, 2012, Penn Manufacturing purchased equipment for $865,000, having a useful life of 8 years and an estimated salvage value of $62,000. Penn has recorded monthly depreciation of the equipment using the straight-line method. On December 31, 2018, the equipment was sold for $295,000. As a result of this sale, Penn should recognize a gain of ___.
operating laverage is 3.5?
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- Need correct answer please accountingarrow_forwardPlease provide the solution to this financial accounting question using proper accounting principles.arrow_forwardWhat is depreciation, and why do companies apply it to fixed assets? Discuss at least two methods of calculating depreciation and how they affect a company’s financial reporting over time. Need answerarrow_forward
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