A company sells a plant asset that originally cost $650000 for $270000 on December 31, 2022. The accumulated depreciation account had a balance of $260000 after the current year's depreciation of $65000 had been recorded. The company should recognize a $120000 loss on disposal. $120000 gain on disposal. $55000 loss on disposal. $380000 loss on disposal.

Suppose that a truck is purchased by a company at a cost of 150.000 TL for production purposes on 16 June 2019. The straight line depreciation rate is 10%, but the company uses accelerated method of depreciation. What would be the amount allocated to the "Idle Time Expenses and Losses"account on 30 June 2019? a) 12.500 b) 12.750 c) 13.500 d) 13.750

On March 9, 2019, Alpha Inc. purchased an equipment with a cost of HK$600,000, a useful life of five years and no salvage value. The Company uses the straight - line method. Depreciation is computed on the basis of the nearest full month. The following information is available at each year end: 12/31/2019 12/3 1/2020 Fair value less cost to sell HK$450, OOO HK$360, OOO Value,,in - use HK$440,000 HK$392,000 There is no change in the asset's useful life or salvage value Required: (a) Prepare journal entries to record depreciation expense and impairment test for 2019. (b) Prepare journal entries to record depreciation expense and impairment test for 2020.

Harley Davis Inc. started its unicycle manufacturing business in 2020 and acquired $600,000 of equipment at the beginning of 2020. It decided to use the double-declining balance (DDB) depreciation on its equipment with no residual value and a 10-year useful life. In 2020 it changed to the straight-line depreciation method. Depreciation computed for 2020-2021 is presented below:   Year DDB 2020 $120,000 2021 96,000    In 2022, what would Harley Davis report for depreciation expense?

Wetherby Plc purchased a machine on 1 July 2022 for $500,000. It is being depreciated on a straight-line basis over its useful life of ten years. Residual value is estimated at $20,000. On 1 January 2023 following change in legislation Wetherby Co fitted a safety guard to the machine. The safety guard cost $25,000 and has a useful life of five years with no residual value. What amount will be charged to profit or loss for the year ended 31 March 2023 in respect of depreciation on this machine? (Calculate your answer to the nearest whole $)

On January 1, 2020, Grand Manufacturing purchased a machine for $870,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $120 000 Grand Manufacturing used the machine for two years and sold it on January 1, 2022, for $340.000 As of December 31, 2021, the accumulated depreciation on the machine was $300,000 Read the requirements 1. Calculate the gain or loss on the sale of the machinery (Use a minus sign or parentheses for a loss) Gain or (loss) on the sale of the machinery Requirements 1. Calculate the gan or loss on the sale of the machinery 2. Record the sale of the machine on January 1, 2022 Print Done

You are an accountant for ABC Corp. Your purchasing department has procured products invoiced for $25,000 with 2/10 Net 30 terms. If you pay the invoice within 15 days, your payment would be:    $25,500.   $20,000.    $24,500.   $25,000.    Accounting depreciation systematically allocates the cost of an asset in time over its useful life while economic depreciation deals with:   The estimated loss of value of an asset minus the revenue it produces.  The estimated salvage value of an asset at its end-of-life.  The change of an asset’s value based on fair market price.  The value of an asset matched to the revenue it creates indirectly.

.On January 1, 2020, Dan Company purchased a new machine for P4,000,000. The new machine has an estimated useful life of eight years and a residual value of 10% of the purchase price. Depreciation was computed using the double decline balance method. At the start of 2021, due to obsolescence and physical damage, the machinery is found to be impaired. Dan Company determined the following information with respect to the machinery at year end of 2020.   Fair value less cost of disposal                                               P 2,800,000   Value in use                                                                                  2,650,000   Required: a) Prepare journal entries for the years 2020 and 2021. b) What amount of depreciation expense would be shown in the Income Statement ending December 31, 2021?

On July 1, 2020, Concord Corporation purchased factory equipment for $28300O. Salvage value was estimated to be $7900. The equipment will be depreciated over five years using the double-declining balance method. Counting the year of acquisition as one-half year, Concord should record depreciation expense for 2021 on this equipment of O $58180. O $67920. O $90560. O $113200.

Harley Davis Inc. started its unicycle manufacturing business in 2019 and acquired $600,000 of equipment at the beginning of 2019. It decided to use the double-declining balance (DDB) depreciation on its equipment with no residual value and a 10-year useful life. In 2020 it changed to the straight-line depreciation method. Depreciation computed for 2019-2020 is presented below:   Year DDB 2019 $120,000 2020 96,000    In 2021, what would Harley Davis report for depreciation expense? (Show me your work)