ACCT 2301 FD>CUSTOM<
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ISBN: 9781323843376
Author: Pearson
Publisher: Pearson Custom Publishing
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Textbook Question
Chapter 9, Problem 6QC
Suppose Print and Photo Center in the preceding question sold the machine for $1,000. What is the result of this disposal transaction?
a. Loss of $44,000
b. Gain of $1,000
c. Loss of $1,000
d. No gain or loss
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Students have asked these similar questions
A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center junks this machine and receives nothing. What is the result of the disposal transaction?
a. No gain or loss
b. Gain of $1,000
c. Loss of $1,000
d. Loss of $45,000
Bramble Manufacturing has old equipment that cost $56,000. The equipment has accumulated depreciation of $27,600. Bramble has decided to sell the equipment.
(a)What entry would Bramble make to record the sale of the equipment for $30,000 cash?
(b)What entry would Bramble make to record the sale of the equipment for $15,000 cash?
On 1/1/X2, Hudson Enterprises decided to sell equipment it had been using in its business for $25,000 cash. The following data are available for the equipment as of the disposal date:
Cost
$200,000
Original estimated residual value
25,000
Accumulated Depreciation as of 12/31/X1
160,000
Question: How much gain or loss should be recorded on the sale of this asset?Answer: The company should report a _____ (gain or loss) of $ ___
Chapter 9 Solutions
ACCT 2301 FD>CUSTOM<
Ch. 9 - Prob. 1QCCh. 9 - Prob. 2QCCh. 9 - Which method almost always produces the most...Ch. 9 - A Celty Airline jet costs 28,000,000 and is...Ch. 9 - A copy machine costs 45,000 when new and has...Ch. 9 - Suppose Print and Photo Center in the preceding...Ch. 9 - Prob. 7QCCh. 9 - Prob. 8QCCh. 9 - Liberty Corporation reported beginning and ending...Ch. 9 - A truck costs 50,000 when new and has accumulated...
Ch. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - What is the difference between a capital...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - How does a business decide which depreciation...Ch. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - How is gain o r loss determined when disposing of...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - Prob. 17RQCh. 9 - Prob. 18RQCh. 9 - Prob. 19RQCh. 9 - What does it mean if an exchange of plant assets...Ch. 9 - Prob. 9.1SECh. 9 - Prob. 9.2SECh. 9 - Prob. 9.3SECh. 9 - Prob. 9.4SECh. 9 - Prob. 9.5SECh. 9 - Prob. 9.6SECh. 9 - Prob. 9.7SECh. 9 - S9-8 Discarding an asset
On October 31, 2018,...Ch. 9 - Prob. 9.9SECh. 9 - Prob. 9.10SECh. 9 - Prob. 9.11SECh. 9 - Prob. 9.12SECh. 9 - Prob. 9.13SECh. 9 - Prob. 9.14SECh. 9 - S9A-15 Exchanging plant assets
Micron Precision,...Ch. 9 - S9A-16 Exchanging plant assets
White Corporation...Ch. 9 - Prob. 9.17ECh. 9 - E9-18 Making a lump-sum purchase of...Ch. 9 - Prob. 9.19ECh. 9 - E9-20 Computing depreciation—three methods
Crispy...Ch. 9 - E9-21 Changing an asset’s useful life and residual...Ch. 9 - E9-22 Recording partial-year depreciation and sale...Ch. 9 - Prob. 9.23ECh. 9 - Prob. 9.24ECh. 9 - Prob. 9.25ECh. 9 - Prob. 9.26ECh. 9 - Prob. 9.27ECh. 9 - Prob. 9.28ECh. 9 - Prob. 9.29ECh. 9 - Prob. 9.30APCh. 9 - P9-31A Determining asset cost, preparing...Ch. 9 - Prob. 9.32APCh. 9 - Prob. 9.33APCh. 9 - Prob. 9.34APCh. 9 - Prob. 9.35APCh. 9 - Prob. 9.36BPCh. 9 - Prob. 9.37BPCh. 9 - Prob. 9.38BPCh. 9 - Prob. 9.39BPCh. 9 - Prob. 9.40BPCh. 9 - Prob. 9.41BPCh. 9 - Prob. 43CPCh. 9 - Prob. 9.1TICh. 9 - Western Bank Trust purchased land and a building...Ch. 9 - Prob. 9.1FCCh. 9 - Prob. 9.1FSCCh. 9 - In 150 words or fewer, explain the different...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prepare journal entries for the following transactions: a. A machine with a cost of 10,000 and accumulated depreciation of 8,000 was sold for 2,500. b. A machine with a cost of 10,000 and accumulated depreciation of 8,000 was traded for a new machine with a market value of 12,000. Cash of 9,500 was also paid.arrow_forwardFor each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairsarrow_forwardGarcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $90,000 cash B. $85,000 cash C. $80,000 casharrow_forward
- Basco Company sold office furniture for $40,000 cash. Th furniture cost $58,000 and had accumulated depreciation through the date of sale totaling $37,000. The company will recgonize. A. a loss of $19,000. B. a gain of $19,000. C. a gain of $21,000. D. a loss of $21,000. thanks for appreciated aittae ijteiyjearrow_forwardJake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?arrow_forward1. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B? 2. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for ₱28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?arrow_forward
- c) In practice, would you expect the depreciation expense for a non-current asset to be overestimated or underestimated? Explain why this is the case. d) Oak Ltd purchased a machine for £40,000. At the end of its useful life of four years, the amount received on sale was £4,000. When the asset was purchased,the business received two estimates of the likely residual value of the asset. These were: (a) £8,000 and (b) zero. Show the annual depreciation expenses over the four years and the total depreciation expenses for the asset under each of the two estimates. The straight-line method should be used to calculate the annual depreciation expenses.arrow_forwardJames Company sells a plant asset that originally cost $180,000 for $60,000 on December 31, 20x1. The accumulated depreciation account had a balance of $72,000. What should the company recognize? a. $ 120,000 loss on disposal. b. $ 48,000 loss on disposal. c. $ 48,000 gain on disposal. d. $ 30,000 loss on disposal.arrow_forwardA copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center junk this machine and receives nothing. What is the result of the disposal transaction? No gain or loss Gain of $1,000 Loss of $1,000 Loss of $45,000arrow_forward
- This are the correction answer for that problem (a) is Depreciation Expense 200,000 (b) is Loss on sale 596,875 how to come up to this answer what is the solution and formula ?arrow_forwardElite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the disposal under the following assumptions: * It was exchanged for similar office furniture. The old furniture has a fair market value of $46000, and $8000 was paid. *It was exchanged for similar office furniture. The old office has a fair market value of $25000 and $29000 was paid.arrow_forwardGranite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?arrow_forward
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