What was the asset's selling price?

Q: At the beginning of the year, Patrick Company acquired a computer to be used in its operations. The…

A: 1a. State how much of cost should capitalize for computer as shown below: Total cost incurred by…

Q: ABC Engineering Company has bought an equipment for RO 100,000 with an estimated useful life of 4…

A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…

Q: Blanket Corporation sold equipment for cash of $41,000. Accumulated depreciation on the sale date…

A: Depreciation: It is a decrease in the value of the asset due to its normal usage over a specified…

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: The depreciation can be computed under various methods.  In case of multiple sub-parts, only first…

Q: The equipment of ABC Co. has a historical cost of ₱500,000 and an accumulated depreciation of…

A: The carrying amount of equipment is calculated by deducting accumulated depreciation from the…

Q: depreciation expense on this asset

A: Depreciation expense = (Cost - Savage value) * Hours used in current year/Estimated useful life in…

Q: Tommy's Trucks Co. traded in a used truck for a new one. The original cost of the old truck was…

A: Calculation of cost of acquire a new truck and cost of disposal are as follows.

Q: What would the journal entry to record the sale of the truck include?

A: Given information is: Dynasty Corp sold a truck for $15,000 cash. It was originally purchased for…

Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…

A: Asset disposal is the process of removing long-term assets from the company's books that are no…

Q: Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of…

A: In case of exchange of equipments having commercial substance, equipment sold and equipment acquired…

Q: then the original cost of the plant asset must have been what?

A: Original Cost of Plant asset is the amount paid at the time of acquisition of plant and the amount…

Q: The Bacon Company acquired new machinery with a price of $13,166 by trading in similar old machinery…

A: Given information is: The Bacon Company acquired new machinery with a price of $13,166 by trading in…

Q: On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the…

A: Particulars Amount $ Initial cost 260520 Less: Accumulated Depreciation 247494 Book value on…

Q: SSG bought a machine for $40,000 in January 19W8. The machine had an expected useful life of six…

A: Depreciation is an amortization expense of the asset's cost over the useful life of an asset which…

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: Cost of machine purchased=original cost+installation charges=$245000+$5000 =$250000 Useful life of…

Q: Flanagan Concrete owns equipment with a book value of $3,500,000. The equipment is estimated to…

A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, The…

Q: Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after…

A: Information Provided: Purchase price = $235,000 Selling price = $175,000 Depreciation = $115,000

Q: SINA Company furnace, which has a current book value of $45000 (Original Cost less accumulated…

A: Gain loss on Disposition of assets = Amount received from insurance company - current book value of…

Q: A machine with a cost of $176,000 and accumulated depreciation of $108,000 is sold for $58,400 cash.…

A: Cash Flow From Operating Activities :— Operating activities are the principal revenue producing…

Q: Duncan Company purchased a machine that cost $57,590, has an estimated residual value of $2,452, and…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/5 years) x 2 = 40%

Q: Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000,…

A: Given information is: Sale Revenue of Equipment = $25,000 Original cost of Equipment = $72,000…

Q: Good Dairy sold a delivery truck for cash of $6,400. The original cost of the truck was $26,000, and…

A: Carrying value of truck at the time of sale = sales value + loss on sales = $6400 + $4000 = $10,400…

Q: deductible loss from permanent retirement?

A: Deductible loss = Cost - Accumulated depreciation - Salvage value

Q: Romanova Inc. decides to sell an old piece of equipment and receives $5,000 cash for it. The…

A: Net book value of equipment = Original cost - Accumulated depreciation = $50,000 - $47,000 = $3,000

Q: Maxim Sdn Bhd bought a machine for RM100,000 and sold the machine for RM40,000 in cash, after having…

A: Machine being part of property, plant and equipment is recognised in books based on historical cost…

Q: Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was…

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

Q: Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear.There are…

Q: Assume Sambazon.come sold an acai processing machine for $172,000 cash. If accumulated depreciation…

A: Sale price = $172,000 Accumulated depreciation = $58,311 Gain = $6,721

Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…

A: Given, Purchase cost = $40,000, Accumulated depreciation = $25,000, Sale price = $18,500

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: Declaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was…

A: a. Compute the depreciation for the first year: Cost of the Equipment $612,500 Less: Residual…

Q: On 1/1/X2, Hudson Enterprises decided to sell equipment it had been using in its business for…

A: The depreciation is charged on asset so at to reduce the book value of fixed asset with passage of…

Q: A company's old machine that cost $60,000 and had accumulated depreciation of $24,000 was traded in…

A: Correct option is B.$70,000   The new machine should be recorded at $70,000

Q: In December 2005, SHOWEE Company exchanged an old machine, with a cost P6,000,000 and 50%…

A: Here discuss about the details of exchange of machinery which can be incurred the exchange price…

Q: A new drill press was purchased for $95,000 by trading in a similar machine that had a book value of…

A: Answer -    Step 1 - Calculation of Unrecognized Loss -   Particulars Amount Book value of…

Q: pany purchased a computer that cost $10,000, It had an estimated useful life of 5 years and no…

A: Under straight line depreciation method, annual depreciation is based on useful life in years. Book…

Q: Required: 1. Identify the method of depreciation and compute the depreciation expense for the third…

A:

Q: Lawler Clothing sold manufacturing equipment for $16,000. Lawler originally purchased the equipment…

A:

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: An asset that had a first cost of $80,000 was depreciated according to the MACRS method over a…

A: Depreciation rate (MACRS 5-year period): Year Depreciation rate 1 20.00% 2 32.00% 3 19.20%…

Q: A company used straight-line depreciation for an item of equipment that cost $12,000, had a salvage…

A: Given the following information: Method of depreciation: Straight line method Useful life of…

Q: Tipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of…

A: Asset: It can be defined as any resource or anything that is controlled and owned by the business.

Q: Jowee Company exchanged an old machine, costing P3,000,000 and 50% depreciated, for a used machine…

A: Where an asset is exchanged with another asset and the new assets is expected to have commercial…