Baltika plc purchased a van on 1 November 2020 for a total cost of £28,000 by paying £21,500 cash and trading in an old van. The old van had cost £25,000 and the related accumulated depreciation was £17,500. What is the profit/loss on disposal of the old van in Baltika plc's statement of profit or loss for the year ended 31 December 2020?

Vaughn Corporation owns machinery that cost $26,000 when purchased on July 1, 2021. Depreciation has been recorded at a rate of $3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2025. The machinery is sold on September 1, 2026, for $6,760. Prepare journal entries to (a) update depreciation for 2026 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (a) (b) Debit Credit

In 2016, Bambung Corporation acquired production machinery at a cost of £420,000. In 2019, when accumulated depreciation was £103,000, Bambung reported an impairment loss of £77,000. Now, in 2023, the machinery has a book value of £193,000. The fair value less costs to sell of the machinery is £215,000 and its value in use is £192,000. During impairment testing, Bambung recognized the possibility of a reversal of the previous impairment loss. What amount, if any, should Bambung recognize as a reversal of impairment loss under IFRS? Group of answer choices -0- £1000 £22,000 £77,000

The balance sheets of HIROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $273,375 $334,125 Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HİROE Inc., is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one…

In 2016, TallyHo Farms acquired production machinery at a cost of £430,000. In 2019, when accumulated depreciation was £180,000, Bambung reported an impairment loss of £78,000. Now, in 2023, the machinery has a book value of £142,000. The fair value less selling costs of the machinery is £273,000 and its value in use is £215,000. During impairment testing, Bambung recognized the possibility of a reversal of the previous impairment loss. What amount, if any, should Bambung recognize as a reversal of impairment loss under IFRS? Group of answer choices £58,000 £131,000 £73,000 £78,000        PreviousNext

A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2018. The accumulated depreciation account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded. The company should recognize a: Multiple Choice   $100,000 loss on disposal.   $40,000 loss on disposal.   $40,000 gain on disposal.   $25,000 loss on disposal.

Presented below are selected transactions at Blue Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £60, 600 on that date. It had a useful life of 10 years with no residual value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost £38,000. It had a useful life of 5 years with no residual value. The computer was sold for £13,400. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £36,420. It was depreciated based on a 6-year useful life with a £3,000 residual value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Blue Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.)

Show your computation In early 2020, Cattle Inc. acquired production machinery at a cost of £400,000 with no residual value. The company applies straight-line method. At the end of 2023, when accumulated depreciation was £160,000, Cattle reported an impairment loss of £80,000, One year later, the fair value less selling costs of the machinery is £210,000 and its value in use is £208,000. Instructions Prepare journal entry related to loss on impairment in 2023 and recovery of impairment loss in 2024 if the company applies revaluation model (proportional method).

Use the information below to answer the questions that follow. The business's year-end is December 31. Cost of equipment = 120000 Useful life in years = 10 Residual value = 0 Date purchased = February 1, 2021 Date of disposal = October 31, 2023 Cash received on disposal = 85000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal?

On December 31, 2020, Listach Inc. sold a used industrial crane for $600,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2020. What is the gain or loss from the December 31, 2020 equipment sale? Group of answer choices A)$800,000 gain B)$800,000 loss C)$200,000 loss D)$200,000 gain E)None of the above