What is the gain or loss on the sale of an asset that originally cost $12,000, has accumulated depreciation of $5,000, and is sold for $6,000? a.$6,000 loss b.$1,000 gain c.$1,000 loss d.$3,000 loss

Q: 6) An asset was bought for OMR.12,000. Its accumulated depreciation is OMR.7,700 and the rate of…

A: Fixed asset: It is a long-term asset used in the business for long period and is depreciated for its…

Q: Give the Given, solution and cash flow diagram A property is acquired for P9,000. its estimated life…

A: Under sum-of the-years digit depreciation method, the depreciation is computed by the following…

Q: 1. Disposal of an asset. From pages 7-7 and 7-8 of the VLN, the company sold the mower after using…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

Q: A fixed asset with a cost of $31,737 and accumulated depreciation of $28,563.30 is sold for…

A: Carrying value of the asset is the value after deduction of accumulated depreciation from the…

Q: A plant asset with a cost of R 900,000 and accumulated depreciation of R 800,000 and sold for R…

A: Definition: Assets: These are the resources owned and controlled by business and used to produce…

Q: nyer Instrumentation sold a depreciable asset for cash of $420,000. The original cost of the asset…

A: The assets can be sold at loss or gain.

Q: A fixed asset with a cost of $27,355 and accumulated depreciation of $24,619.50 is sold for…

A: Given that, Cost of the fixed asset = $27335 Accumulated  depreciation = $24619.50 Sale value of…

Q: A company has some bottling equipment which cost $8.5 million, has a net book value of $4.1 million,…

A: Loss on impairment = carrying value - Recoverable amount Where, Recoverable amount = Lower of fair…

Q: A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for…

A: Solution:- Calculation of gain or loss on disposal of fixed asset as follows under:-

Q: A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750.…

A: Please see the next step for the solution

Q: True or False _____ PAS 16 defines depreciation as "the decrease in the value of an asset." ______…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss

A: Correct answer is a . Explain   Calculate the book value of the asset:   Book value of the asset…

Q: A plant asset with a cost of $900,000 and accumulated depreciation of $800,000 is sold for $80,000.…

A: Working Note; Book value of plant asset = Cost - Accumulated depreciation…

Q: A fixed asset with a cost of $28,567 and accumulated depreciation of $25,710.30 is sold for…

A:

Q: Equipment with an original cost of $79,153 and accumulated depreciation of $21,214 was sold at a…

A: Given that , Original cost = $79,153 Accumulated depreciation = $21,214 loss on sale = $6,567

Q: Four years ago, Karam Company purchased land for $550,000 and a building for $1,200,000. The…

A: Given,  Cost of building = $1,200,000 Accumulated depreciation of building = $80,000

Q: Having an issue with this problem. Thank you

A: Book value of asset refers to the value of asset according to account balance shown in balance…

Q: CALCULATE the amount, if any, of recapture of depreciation, ordinary loss, or capital gain on the…

A: Given Cost = $ 20,000, Asset was sold at the end of year 1 for $ 18,000. depreciation method is…

Q: A fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for…

A: The gain on disposal of asset is calculated as salvage value minus book value of asset

Q: A purchased B, paying $850,000 cash. The books values and fair values of acquired assets and…

A: The goodwill is calculated as difference between purchase price and excess of fair value of assets…

Q: A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on…

A: Option a, asset increase by $50,000, liabilities increase by $50,000, no effect on equity, is…

Q: Requirements 1 For each depreciation method, prepare a depreciation schedule showing asset cost,…

A: Solution:- Given, On 3 January 2017, Joe Campbell photography paid $224,000 for photo equipment.…

Q: A fixed asset with a cost of 30,000 in accumulated depreciation of 28,500 is sold for 3500 what is…

A: Formula: Net Asset book value = Asset cost - Accumulated depreciation. Deduction of Accumulated…

Q: How is 165,000 computed for the additional accumulated depreciation?   Trade in Allowance…

A: solution the original cost of Turf cutter    =1300000 date of purchase              =January 1 2018…

Q: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck…

A: Gain or loss on Disposal of Assets When Asset is disposed off at the amount more than its book value…

Q: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a fiveyear life…

A:

Q: A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar…

A: Fixed asset exchange is a regular commercial transaction. Fair value should be applied to exchanges…

Q: A 1031 property with an adjusted basis of $500,000 is sold for $800,00 cash. No debt exists for…

A: Section 1031 is the provision used for the real estate property in order to defer federal taxes on…

Q: 2. According to PAS 16, items of PPE are initially measured at 1. PAS 16 defines depreciation as…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What…

A: The value of gain or loss on the sale of the asset is determined by deducting the carrying value of…

Q: A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for…

A: A fixed asset is a long-term physical piece of real estate or equipment owned by a firm and used to…

Q: Additional information (a) The entity sold some tangible non-current assets, which had a net book…

A: Operating activities is the principal activities of the organization and cash from these activities…

Q: A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420.…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for…

A: Fixed asset cost = $ 30,192 Accumulated depreciation = $ 27172.80 Sale amount = $ 5132.64

Q: A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on…

A: Option a, asset increase by $50,000, liabilities increase by $50,000, no effect on equity, is…

Q: The ending net book value of Property, Plant & Equipment (PP&E) in year 1 and year 2 are $500,000…

A: Capital expenditures are those expenditures which are made for purchase and acquisition of fixed…

Q: On the basis of the data provided at question 6, what is the overall gain during the sale of the…

A: Profit is a sole objective for which any organisation works.Gain is somewhat same or referred to as…

Q: A fixed asset with a cost of $28,000 and accumulated depreciation of $25,200 is sold for $4,760.…

A: Net Book value of the fixed assets = Cost - accumulated depreciation  = $28,000 - $25,200 = $2,800