QUESTION 18 On Jan. 1, 2012, ABC Corporation placed into service a lift truck that had a capitalized acquisition cost of $22,500, estimated useful life of 16 years, and estimated salvage value of $2,500. On June 30, 2020, ABC sold the used lift truck for $8,475. Accumulated depreciation on the sale date was $10,625. What is the amount of gain or loss that ABC should recognize? Enter a positive number for a gain or a negative number for a loss, e.g., xx or -Xx.

QUESTION 18 On Jan. 1, 2012, ABC Corporation placed into service a lift truck that had a capitalized acquisition cost of $22,500, estimated useful life of 16 years, and estimated salvage value of $2,500. On June 30, 2020, ABC sold the used lift truck for $8,475. Accumulated depreciation on the sale date was $10,625. What is the amount of gain or loss that ABC should recognize? Enter a positive number for a gain or a negative number for a loss, e.g., xx or -Xx.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 14RE: (Appendix 11.1) Auburn Company purchased an asset on January 1, Year 1, for 150,000. The asset has a...

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