At December 31, 2020, the following existed on the records of Chogiwa Co.: Fixed Assets: $860,000 Accumulated Depreciation: $397,000 During the year ended September 30,2021, fixed assets with a written down value of $37,000 was sold for $49,000. The pant had originally cost $80,000. Fixed assets purchased during the year cost $180,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?
At December 31, 2020, the following existed on the records of Chogiwa Co.: Fixed Assets: $860,000 Accumulated Depreciation: $397,000 During the year ended September 30,2021, fixed assets with a written down value of $37,000 was sold for $49,000. The pant had originally cost $80,000. Fixed assets purchased during the year cost $180,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8P: Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of...
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At December 31, 2020, the following existed on the records of Chogiwa Co.:
- Fixed Assets: $860,000
Accumulated Depreciation : $397,000
During the year ended September 30,2021, fixed assets with a written down value of $37,000 was sold for $49,000. The pant had originally cost $80,000. Fixed assets purchased during the year cost $180,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis.
What net amount (book value) should appear in the
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