A machine was purchased 4 years ago for $50,000. The depreciation amount each year was $10,000. The firm that owns the machine no longer has a need for it, but a buyer is now willing to pay $60,000 for it because machines of this type are no longer available. What will be the gain (or loss) on this transaction?
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- 1. Find the appraisal value of the mill, using straight-line depreciationAn asset costs $150,000 and has a salvage value of $15,000 after 10 years.What is the depreciation charge for the 4th year, and what is the book value atthe end of the 8th year with(a)Straight-line depreciation?(b)Double declining balance depreciation?Calculate Lopez Enterprises' gross profit at a CFAT of $2.5 million, $900,000 in expenses, $900,000 in depreciation costs, and a 26.4% effective tax rate.
- 37. Vince purchased a 2008 used car for $15,300. This make and model usedcar straight line depreciates to zero in 8 years. Identify the x- and yintercepts for the depreciation equation. A. (2,008, 0) and (0, 15,300)B. (0, 15,300) and (8, 0)C. (15,300, 0) and (0, 8)D. (15,300, 0) and (0, 2,008)Give typing answer with explanation and conclusion Chanveida finds a home listed for $48k. Similar homes in good condition sell for $60k (market value). She buys the home and then sells it. Her adjusted cost basis is $44,000, net sell price is $55,000, and overall tax rate is 30%. Assume no financing is used and there is no depreciation taken. Determine Chanveida's Net Profit from sale.3 Question 3 options: At any point in time, the cost of equipment less any depreciation to date is known as
- Suppose that you placed a commercial building (warehouse) in service inJanuary. The cost of property is $300,000, which includes the $100,000 value of land. Determine the amount of depreciation that is allowed during the first year of ownership.(a) $7,692(b) $5,128(c) $7,372(d)$4,915Your business buys a delivery van for $41,000 on January 4. You estimate that the van can be driven a total of 125,000 miles during its useful life; its salvage value after that will be $6,000. The van was driven 18,800 miles in year 1. Calculate depreciation for year 1 using the units-of-production method.Assume that a piece of equipment cost $5,000 and had accumulated depreciation of $3,000. What is the book value of the equipment? Is the book value equal to the fair market value of the equipment? Explain.
- Presented below is information pertaining to Delsnyder Specialty Foods, a calendar-year sole proprietorship, maintaining its books on the cash basis during the year. At year-end, however,A. J. Delsnyder's accountant adjusts the books to the accrual basis only for sales, purchases, ar cost of sales, an Adapted records depreciation to more clearly reflect business income. 1. Amounts due from customers totaled $ 7 ,900 at December 31. 2 . A review of the receivables at December 31, disclosed at an allowance for doubtful accounts of $1,100 should be provided. Delsnyder had recorded no bad debt los om inception of the company through December 31 . 3. The inventory amounted to $23,000 at December 31 , based on a physical count of goods priced at cost . No reduction to market was required. 4. On signing new lease on October 1, 2019, Delsnyder paid $ 8,400, representing 1 year’s rent in advance for the lease year ending October 1, 2020. The $7,500 annual rental under the old lease was paid on…The “Big-Deal” Company has purchased new furniture for their offices at a retail price of $125,000. An additional $20,000 has been charged for insurance, shipping, and handling. The company expects to use the furniture for 10 years (useful life = 10 years) and then sell it at a salvage (market) value of $15,000. Use the SL method of depreciation to answer these questions. a. What is the depreciation during the second year? b. Whatisthe BVoftheasset at the end of the first year? c. What is the BV of the asset after 10 years?1.Mr Adrian own a construction company with an asset worth RM400,000. Adrian proudly told to some of his fellow directors that his revenues were typically RM35,000 per month, while his operating cost for fuel was RM8,000 and maintenance RM5,000 per month. The estimated depreciation was RM10,000 per month. An office space similar to Peter 's office space can be rented for RM15,000 per month. If Peter was working for one of his competing construction companies, he would have earned RM5,000 per month. a.List the items that Adrian would consider to compute his explicit costs. b.List the items that Adrian would consider to compute his implicit costs. c.Compute Adrian monthly total economic cost. d.Should Adrian continue his business? Explain.