On December 31, 2020, Listach Inc. sold a used industrial crane for $600,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2020. What is the gain or loss from the December 31, 2020 equipment sale? Group of answer choices A)$800,000 gain B)$800,000 loss C)$200,000 loss D)$200,000 gain E)None of the above

Q: On December 1, 2020, BTS Company purchased a P4,000,000 tract of land for a factory site. BTS razed…

A: Accounting is the process of recording, classifying and summarising accounting information in such a…

Q: On July 1, 2022, Proton, Inc. sells equipment for P44,000. The equipment originally cost P120,000,…

A: Given: - Cost= 120,000 Accumulated Depreciation=70,000 Salvage value=20,000 Useful life= 5 years

Q: Nixon

A: In this question, we have to find out the gain on the sale of the plant by deducting carrying cost…

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

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

Q: On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated…

A: Gain is the amount of money earned on the sale of assets.

Q: On June 30, 2021, Maroon sold for P230,000 a machine acquired in 2018 for P420,000. The accumulated…

A:

Q: The Fisher Company purchased a machine on October 1, 2018, for $18,000. At the time of acquisition,…

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

Q: On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…

A: Loss on sale of equipment = Sale value - Net book value of equipment

Q: On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…

A: 1. Date Account Titles and Explanation Debit Credit July 15, 2021 Cash $750,000…

Q: On July 1, 2015, Karen Company purchased equipment for $325,000; the estimated useful life was 10…

A: Annual Depreciation = (Cost of the assets - Salvage value) / life of the assets = ($325000 - $40000)…

Q: Drago Company purchased equipment on January 1, 2021, at a total invoice cost of $1,200,000. The…

A: working notes: Depreciation = (1,200,000 – 30,000)/5 useful life  Total accumulated depreciation  (2…

Q: equired:

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Required a. Prepare the journal entry(ies) necessary to record the depreciation expense on the…

A: Depreciation: A charge on the fixed assets of the company that reduces the value of the asset is…

Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of…

A: 2020: Depreciation rate = 1/useful life = 1/10 = 10% Depreciation expense (for the entire year) = 2…

Q: loss on replacement to be recognized for 2020?

A: Useful life = 10 years  Life utilised = 6 years [ Jan 1,2014 - Jan 1, 2020]  Accumulated…

Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

Q: On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and…

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

Q: On Mar. 31, 2020 XYZ bought machinery at P300,000. XYZ opted to use the double-declining method to…

A: Machinery purchased on 31 March, 2020 = P 300000 Salvage Value = P 5000 Total depreciable amount for…

Q: Libras Corporation purchased a machine on July 1, 2019,  for P500,000. The machine was estimated to…

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

Q: On January 2, 2017, RM Company purchased equipment costing P1,500,000.  The estimated useful life of…

A: Depreciation per annum of old machinery = (P1500000-P50000)/8. = P181250 per annum Depreciation for…

Q: On January 1, 2016, Powell Company purchased a building and machinery that have the following useful…

A: Depreciation means the reduction in the value of the Fixed asset over its useful life due to the use…

Q: • June Corporation purchased equipment on 1/1/20 for $650,000. In 2020 and 2021, June depreciated…

A: Since the useful life and salvage value of asset has been revised, therefore, the remaining book…

Q: On January 1, 2020, Dan Company purchased a new machine for P4,000,000. The new machine has an…

A:

Q: On January 1, 2015, a corporation purchased a factory for P3,600,000 and machinery for P5,000,000.…

A:

Q: Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in…

A: 1. Annual depreciation for the group = Cost of equipment purchased x depreciation rate  =…

Q: Sony Company has decided to sell one of its old machines on December 31, 2019. The mach. was…

A: The amount of gain or loss on machinery sale or any other asset  is evaluated with the difference in…

Q: On December 31, 2020, RJ Co. had a 5-year old building with a cost of P10,000,000.00 and accumulated…

A: Depreciation under Straight line method = (Cost - Salvage Value) / estimated useful life  Cost of…

Q: n August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

A: Solution: Purchase price of machinery = ₱540000 Estimated useful life = 5 years Estimated salvage…

Q: On January 1, 2020, Layman Company purchased personal computers for P6,000,000. The management…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/4 years) x 2 = 50%

Q: On January 1, 2019, Fur Company purchased a machinery at a cost of P goods 21,000,000 with an…

A: Solution: DDB rate = (1/10)*2 = 20% Accumulated depreciation for 2019 and 2020 = (21000000*20%) +…

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: On January 1, 2016, LLC Corporation purchased a building and equipment that have the following…

A: The depreciation expense is charged on asset which reduces the value of fixed asset with the passage…

Q: Brown Company purchased equipment in 2014 for $150,000 and estimated a $10,000 salvage value at the…

A:

Q: ABC Inc. purchased a machine on January 1, 2014 for 900,000. This asset will be depreciated for 10…

A: Replacement cost - Replacement cost is the cost incurred to improve the performance of the assets.…

Q: Presented below is information related to equipment owned by Suarez Company at December 31, 2020.…

A: Calculation of impairment loss recorded in 2020 and carrying amount on Dec 31, 2020: Depreciation…

Q: On January 1, 2016, LLC Corporation purchased a building and equipment that have the following…

A: Since you have posted multiple question , we will do the first one for you . In order to get…

Q: On January 2, 2023, Saminski, Inc., acquired equipment for $700,000. The estimated life of the…

A: Depreciation is an expense account that is considered as a reduction in the value of an asset due to…

Q: Bennie Razor Company has decided to sell one of its old manufacturing machines on January 1, 2020.…

A: Loss on sale of assets is the difference between carrying value of assets and sale value of assets.

Q: On December 1, 2019, Joy Corporation decided to dispose of an item of plant that is carried in its…

A: Fair value less cost to sell = Fair value on date of classification as held for sale - Estimated…

Q: Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was…

A: The gain or loss is calculated as the difference between sale value and book value of the assets.

Q: n January 1, 2016, Susan Company purchased a building and machinery that have the following useful…

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

Q: On July 15, 2018, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…

A: Gain (Loss) on sale of patent =  Sale value - Book value = $750,000 - $120,000 = $630,000 Gain…

Q: On January 1, 2021, Capiz Company purchased factory equipment for P8,000,000. Estimated salvage…

A: Double declining balance method: It is the method of charging depreciation where the depreciation is…

Q: . How much is the gain on leaşeback recorded on January 1, 2021?* For numbers 3 to 5, please refer…

A: The question is related to Accounting for Lease. In case of leaseback transaction the gain is the…

Q: Show the calculation of the amount of gain or loss to be recognized by Susan Co. from the exchange.

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due…

Q: On January 1, 2020, A Company decided to sell one of its machineries with a cost of P3,400,000 and…

A: When the assets are categorised as held for sale, the net realisable value is considered for…

Q: Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of acquisition,…

A: Calculate the loss recognized from the sale of machine:

Q: of P8,000,000 with accumulated depreciation of P3,200,000 at December 31, 2020. Annual depreciation…

A: Initially, Plant cost 8,000,000 Less: Accumulated depreciation 31.12.2020 32,000,00 Less:…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.