The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally purchased for $40,000, and depreciation through the date of sale totaled $25,000. 1. What was the gain or loss on the sale of the equipment? |on sale
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- Granite 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?Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000, and depreciation through the date of sale totaled $51,000. What was the gain or loss on the sale of the equipment?Jake 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?
- The Bomb Pop Corporation sold ice cream equipment for $17,200. The equipment was originally purchased for $38,000, and depreciation through the date of sale totaled $23,000. Record the sale of the equipment.Blanket Corporation sold equipment for cash of $41,000. Accumulated depreciation on the sale date amounted to $35,000 and a loss of $1,600 was recognized on the sale. What was the original cost of the asset?Ronny’s Red Hat Company purchased machinery on August 3, Year 1 for $150,000. Ronny, the owner, estimated that the machinery would be sold for $30,000 in 10 years. If Ronny’s red Hat Company uses straight line depreciation, what is included in the entry to record the disposition of the asset on July 31, Year 3 if the machinery is sold for $120,000 cash? Question: Is there a loss or gain on disposition? How much?
- Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost $67,000, but Willis was given a trade-in allowance of $10,000. a. What amount of cash did Willis have to pay to acquire the new bus? b. Compute the gain or loss on the disposal for financial reporting purposes. c. Explain how the gain or loss would be reported in the company's income statement. Solutions a. $57,000 ($67,000 less $10,000 trade-in allowance) b. Trade-in allowance Less: Book value ($52,000 - $34,000) Loss on trade-in $ 10,000 c. The $8,000 loss on trade-in is reported in Willis Bus Service's income statement following the amount of income from operations. (18,000) (8,000)Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was$52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new buscost $65,000, but Mathews was given a trade-in allowance of $10,000.a. What amount of cash did Mathews have to pay to acquire the new bus?b. Compute the gain or loss on the disposal for financial reporting purposes.c. Explain how the gain or loss would be reported in the company’s income statement.Ngu own equipment that cost 96,500 with accumulated depreciation of 66,000. Ngu asks 35,750 for the equipment but sells it for 33,500. Compute the amount of gains or losses on the sale
- The Bomb Pop Corporation sold ice cream equipment for $14,000. The equipment was originally purchased for $38,000, and depreciation through the date of sale totaled $25,000. 1. What was the gain or loss on the sale of the equipment? on sale 2. Record the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of the equipment.Romanova Inc. decides to sell an old piece of equipment and receives $5,000 cash for it. The original cost of the equipment was $50,000 and it had accumulated depreciation of $47,000 associated with it. Which of the following items would be increased by the sale of the old equipment? (check all that apply) Cash from Operating Activities Total Assets Net Income Gain on Sale Cash from Investing ActivitiesLowes Corporation sold its storage building for $86,000 cash. Lowes originally purchased the building for $200,000, and depreciation through the date of sale totaled $120,000. Required:Prepare the journal entry to record the sale of this building. (A separate calculation of any gain or loss is recommended.)