A company discarded a computer system originally purchased for $8,850. The accumulated depreciation was $6,350. The company should recognize a (an): Multiple Choice $0 gain or loss. $2,500 loss. $2,500 gain. $8,850 gain. $6350 loss

A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is a. $0 gain or loss. d. $30,000 gain. b. $120,000 gain. e. $150,000 loss. c. $30,000 loss.

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A 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 $45,000

Case E Robert Sporting Goods Company has another piece of equipment (Q102) with the following cost and accumulated depreciation at its year ended December 31, 2020:                         Equipment (Q102)                                          $9 000 000                         Accumulated Depreciation                             3 000 000 Due to obsolescence and physical damage, the equipment was found to be impaired. At the year-end Robert Sporting Goods Company had determined the following information:                         Fair value less cost of Disposal                                  $4 500 000                         Value in use or discounted net cash flows                    4 000 000                         Undiscounted net cash flows                                         5 500 000 Required: Assess equipment (Q102) for impairment and prepare the journal entry (if necessary) to report any impairment loss for the year. When selecting from dropdown lists, if a line item…

Fitness Department purchased a building on a tract of land and allocated the entire cost of the purchase to building. Normally the company depreciates buildings over 40 years using the straight-line method with zero residual value and does not depreciate land. What is the impact of the improper accounting treatment of the purchase on the company's net income for the life of the building? a.understated b.unaffected c.overstated d.indeterminable from the information provided

A company purchased a computer that cost $10,000, It had an estimated useful life of 5 years and no residual value. The computer was depreciated by the straight-line method and it was sold at the end of the second year of use for $5,000 cash. The company should record:

a company discarded a computer system originally purchased for $8850.

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3 Amanda Company purchased a computer that cost $10,600. It had an estimated useful life of five years and a residual value of $1,300. The computer was depreciated by the straight-line method and was sold at the end of the third year of use for $5,150 cash How much of a gain or loss should Amanda record? 024701