Omega Ltd purchased a machine for $20,000 on 1 January 2002. Omega depreciated it using straight-line depreciation, assuming that it would have a useful life of three years and $5,000 salvage value. However, on 31 December 2003 the machine was sold for $8,000 cash. What was the gain or loss on sale?

Jason Co purchased a machinery for £100,000 on 1/1/2018. It had an estimated useful life of ten years and it was depreciated using the reducing balance method at a rate of 20%. On 1/1/20 it was decided to change the depreciation method to the straight line. There was no change to the useful life, and no residual value is anticipated.   What are the accumulated depreciation and the net book value of the asset for the year ended 31 December 2021?

On 1 January 2016 ABC Ltd purchased a machine worth GH¢480,000 with an estimated useful life of 20 years and an estimated zero residual value. Depreciation is on a straight-line basis. The asset had been re-valued on 1 January 2018 to GH¢500,000, but with no change in useful life at that date. On 1 January 2019 an impairment review showed the machine’s recoverable amount to be GH¢200,000 and its remaining useful life to be 10 years.   Required Calculate: 1. a. the carrying amount of the machine on 31 December 2017     b. the revaluation surplus arising on 1 January 2018 2. the carrying amount of the machine on 31 December 2017 (immediately before the impairment). 3. a. the impairment loss recognized in the year to 31 December 2019.     b. The depreciation charge in the year to 31 December 2019.

On 1 January 2016 ABC Ltd purchased a machine worth GH¢480,000 with an estimated useful life of 20 years and an estimated zero residual value. Depreciation is on a straight-line basis. The asset had been re-valued on 1 January 2018 to GH¢500,000, but with no change in useful life at that date. On 1 January 2019 an impairment review showed the machine’s recoverable amount to be GH¢200,000 and its remaining useful life to be 10 years. Required Calculate: a) the carrying amount of the machine on 31 December 2017 b) the revaluation surplus arising on 1 January 2018 c) the carrying amount of the machine on 31 December 2017 (immediately before the impairment). d) the impairment loss recognized in the year to 31 December 2019. e) The depreciation charge in the year to 31 December 2019.

On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an estimated useful life of 4 years and a salvage value of $200. Given this information, if Rexford uses double-declining-balance method of depreciation, and sells the machine on December 31, 2017, for $3,000 cash. Then how much will be gain or loss on disposal of this asset?   $ 2,750 loss $ 1,800 loss $1,562 gain $ 125 gain

Vaughn Manufacturing purchased a new machine on May 1, 2012 for $566400. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $20400. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $81600. What should be the loss recognized from the sale of the machine?     $2500.   $20400.   $22900.   $0.

On 1 January 2011, Y Ltd purchased a new machine for $500,000. Please need answer the general accounting question

Kpone purchased a machine for GHS30,000 on 1 January 2005 and assigned it a useful life of 12 years. On 31 March 2007 it was revalued to GHS32,000 with no change in useful life. What will be depreciation charge in relation to this machine in the financial statements of Kpone for the year ending of 31 December 2007?

Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $30000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $67800. What should be the loss recognized from the sale of the machine?

On February 1, 2006, Mason Company purchased a building for $359,000. The building was assigned a useful life of forty years and a salvage value of $11,000. XYZ Company uses the straight-line depreciation method to calculate depreciation on its long-term assets. The building was sold for $121,000 cash on August 1, 2029. Calculate the amount of the loss recorded on the sale. Do not enter your answer with a minus sign in front of your number.