Equipment with an original cost of $63,211 and accumulated depreciation of $20,804 was sold at a loss of $6,895. As a result of this transaction, cash would )a. increase by $35,512 b. decrease by $6,895 Oc. decrease by $20,804 d. increase by $63,211
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- A non-current asset (cost $10,000, depreciation $7,500) is given in part exchange for a new asset costing$20,500. The agreed trade-in value was $3,500. The income statement will include?A A loss on disposal $1,000B A profit on disposal $1,000C A loss on purchase of a new asset $3,500D A profit on disposal $3,50Equipment with an original cost of $79,153 and accumulated depreciation of $21,214 was sold at a loss of $6,567. As a result of this transaction, cash would a.increase by $51,372 b.decrease by $21,214 c.decrease by $6,567 d.increase by $79,153Equipment was purchased for R.0.90,000. Freight charges amounted to R.O.4,200 and there was a cost of R.O.12,0oo for building a foundation and installing the equipment. It is estimated that the equipment willhave a R.O.o00 residual value at the end of its 5 year useful life Depreciation expense each year using the straight Jine method will be
- 04. Equipment was purchased for $90,000. Freight charges amounted to $4,200 and there was a cost of $12,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $18,000 residual value at the end useful life. Depreciation expense each year using the straight-line method will be a. $21,240. b. $17,640. its 5-yearA fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for $4,654.77. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,916.67 loss b.$2,738.10 gain c.$1,916.67 gain d.$2,738.10 lossEquipment was purchased for OMR 50,000 Freight charges amounted to OMR 4,000 and there was a cost of OMR 8,000 for the installing the equipment It is expected that the equipment will have a OMR 12,000 salvage value at the end of its 5-year useful life. What is the amount of depreciation expense each year based on the straight-linemethod? O a OMR 9,840 Ob. OMR 10000 Oc OMR 14160 Od OMR 11760
- A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost $fill in the blank 1 b. The straight-line rate fill in the blank 2 % c. The annual straight-line depreciation $fill in the blank 3 A truck acquired at a cost of $230,000 has an estimated residual value of $13,000, has an estimated useful life of 31,000 miles, and was driven 2,500 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost $fill in the blank 1 b. The depreciation rate $fill in the blank 2 per mile c. The units-of-activity depreciation for the year $fill in the blank 3 A building acquired at the beginning of the year at a cost of $1,193,000 has an estimated residual value of $220,000 and an estimated useful life of 40 years. Determine the following.…On the first day of the fiscal year, a new walk-in cooler with a list price of $51,300 was acquired in exchange for an old cooler and $40,600 cash. The old cooler had a cost of $44,000 and accumulated depreciation of $37,500. Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange.$fill in the blank 4a5f8d00f04b05f_1 b. Journalize the entry to record the exchange. If an amount box does not require an entry, leave it blank. Equipment (new) fill in the blank b9746ffc1fed022_2 fill in the blank b9746ffc1fed022_3 Accumulated Depreciation fill in the blank b9746ffc1fed022_5 fill in the blank b9746ffc1fed022_6 Equipment fill in the blank b9746ffc1fed022_8 fill in the blank b9746ffc1fed022_9 Gain on Exchange of Equipment fill in the blank b9746ffc1fed022_11 fill in the blank b9746ffc1fed022_12 Cash fill in the blank b9746ffc1fed022_14 fill in the blank b9746ffc1fed022_15A fixed asset with a cost of $28,000 and accumulated depreciation of $25,200 is sold for $4,760. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,960 loss b.$2,800 gain c.$2,800 loss d.$1,960 gain
- Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a. What was the depreciation for the first year? Round your answer to the nearest cent.$ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest centŠale of Equipment Equipment was acquired at the beginning of the year at a cost of $550,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $44,205. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $95,704. Round your answer to the nearest cent. Enter your answer as a positive amount. $ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.A truck that cost R.O.42,000 and on which R.O.35,000 of accumulated depreciation has been recorded was disposed of for R.O.3,50o cash. The entry to record this event would include a Select one: O. a. Loss of R.O.3,500. b. Credit to the Truck account for R.O.7,000. c. Gain of R.O.3,500. d. Credit to Accumulated Depreciation for R.O.35,000.
