Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $30000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $67800. What should be the loss recognized from the sale of the machine?

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A: Depreciation formula  as per straight line method  = (Cost- residual value)/useful life

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A: Introduction:- The following Basic information needs to understand as follows under:- Denim, Inc.…

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A: Depreciation expense is an expense which is charged on fixed assets over the years the assets is…

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A: a. Following are the Journal entry and calculation of depreciation expense on building in 2021:

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A: The depreciation is a reduction in the book value of the fixed asset of the business.

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A: Depreciation is known as a decline in the value of tangible assets over their useful life. it is a…

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A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

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A: Depreciable cost=Cost-Salvage value=$18,000-$5,000=$13,000

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A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

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A: A change in depreciation method is a change in method that is not distinguishable from a change in…

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A: The question is based on the concept of Depreciation Accounting.

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A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

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A: Annual Depreciation Expense = Cost - Residual ValueUseful Life   Monthly Depreciation = Annual…

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A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in useful life…

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A: Since the change in useful life is a change in accounting estimate the effect will be given…

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A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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A: Annual depreciation = (cost of the assets- residual value) /estimated life of the assets =…

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A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

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A: Depreciation is considered as an expense charge on the value of the Asset. The most common method…

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A: SOLUTION   FORMULA =  ACCUMULATED DEPRECIATION  (SUM OF THE YEARS DIGIT METHOD) =(COST OF ASSET -…

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A: Depreciation Expenses:- These are those expenses that appear in the income statement of the company,…

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A: This is the case of 150% declining-balance method in which the depreciation rate is to be computed…

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Q: On January 1, 2017, Windsor Company purchased a building and equipment that have the following…

A:

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A: In order to determine the carrying value of the assets, the accumulated depreciation is required to…

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A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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A: Annual depreciation = ( cost of the assets - residual value) / life of the assets = ($120,000 - $0)…

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A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

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A: Solution: Annual depreciation on asset = (Cost - Salvage value) / Useful life = ($726,000 - $72,000)…

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A: Solution: Annual depreciation on machine using SLM = (Cost - Salvage value) / useful life =…

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for P3,000,000. At the date of…

A: Depreciation is charged on the value of fixed assets due to normal usage , wear and tear and change…

Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…

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A: An impairment loss is recorded when there is permanent drop in the value of an asset such that its…

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A: "Hey, since multiple sub parts are posted, we will answer the first three questions alone. If you…

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A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: t-line method. On May 1, 2013, the machine was sold for $50,000. What should be the loss recognized…

A: The right answer is option a. $15,000

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A: Journal entry is a primary entry that records the financial transactions initially.

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A: Solution: Initial annual depreciation using SLM = $120,000 / 20 = $6,000 Carrying value of machine…

Q: Orange Company purchased a drilling machine in 2010 for P240,000. The machine was depreciated on the…

A: Purchase price of machine = P240,000 Salvage value = 0 Useful life = 20 Years

Q: Lugar Company purchased a piece of machinery for $28,500 on January 1, 2016, and has been…

A: Working note 1: Working note 2: