Conicelli Toyota sells a truck for $55,000. The truck had an acquisition cost of $150,000 and accumulated depreciation at the time of the sale of $85,000. Which of the following statements are true? a) Conicelli will report a $10,000 gain as a result of this sale. b) Conicelli's loss on this sale is $55,000. c) Total assets increased by $10,000 as a result of this transaction. d) Equity decreased by $10,000 as a result of this transaction.
Pls all 3
28. Conicelli Toyota sells a truck for $55,000. The truck had an acquisition cost of $150,000 and
a) Conicelli will report a $10,000 gain as a result of this sale.
b) Conicelli's loss on this sale is $55,000.
c) Total assets increased by $10,000 as a result of this transaction.
d) Equity decreased by $10,000 as a result of this transaction.
31. KAW Products purchased a machine for $150,000 on January 1, 2016. The company intends to
Group of answer choices
a) $36,000
b) $30,000
c) $27,000
d) $60,000
32. Using the information from the last question, what
Group of answer choices
Debit Depreciation Expense 4,440 / Credit Accumulated Depreciation 4,440
Debit Accumulated Depreciation 4,440 / Credit Depreciation Expense 4,440
Debit Depreciation Expense 7,776 / Credit Accumulated Depreciation 7,776
Debit Accumulated Depreciation 7,776 / Credit Depreciation Expense 7,776
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