On January 1, 2008, Minco Corporation purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Minco has recorded monthly depreciation of the equipment on the straight-line method. On January 1, 2013, the equipment was sold for $38,000. As a result of this sale, Minco should recognize a. $0 b. a $1,500 gain c. a $1,000 loss d. a $2,000 loss

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: Depreciation expense is an expense which is charged on fixed assets over the years the assets is…

Q: Belmont Paving Company purchased a hauling truck on January 8, 2012, ata cost of $37,000. The truck…

A: Calculation of annual depreciation under both methods: Annual depreciation under straight line…

Q: Mazaya Company purchased equipment on January 1, 2010, at a total invoice cost ofR.O. 400,000. The…

A: Annual depreciation = ( cost of the assets - residual value) / Life of the assets = (RO 400,000 - RO…

Q: On January 1, 2016, Indians Corporation bought a factory equipment for P924,000 salvage value was…

A: Under Double declining balance method, depreciation is charged at an accelerated rate in the initial…

Q: A piece of equipment was purchased by Jonesy’s Ltd. on April 10, 2016 at a cost of $35,000. It is…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: On January 1, 2016, Gecho Corporation purchased computer equipment for $23,000. The equipment has an…

A: Solution: depreciation rate - SLM = 1/4 = 25% Depreciation rate - DDB = 25%*2 = 50% Depreciation for…

Q: On January 1, 2016 Murgatroyd Co. purchased equipment for OMR 30,000, estimating a four-year useful…

A: Depreciation is the decrease in the value of an asset due to various reasons like wear and tear,…

Q: Vaughn Manufacturing purchased a new machine on May 1, 2012 for $566400. At the time of acquisition,…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: On January 1, 2011, FALLACIOUS MISLEADING Co. acquired a building for ₱4,000,000. The asset is…

A: Let's start with the, Impairment loss :- When asset book or carrying amount exceeds its ‘recoverable…

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost $80,000 and had…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: On August,1,2016, Srini Construction purchased special-purpose equipment at a cost of $1,000,000.…

A: Depreciation under SLM method =(original cost - residual value) /Useful life

Q: On December 31, 2011, Lin Co. purchased an equipment with an estimated useful life of 10 years. The…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: On 1st March 2011, Earthon LLC bought Equipment to be used as a storage facility at a cost of…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: On January 1, 2011, RIGHTEOUS MORAL Co. acquired a piece of equipment for ₱2,000,000. The equipment…

A: Discount rate = 10% Revised useful life = 4 years Annual cash flows from revenues = P200,000 Present…

Q: The Fisher Company purchased a machine on September 1, 2011, for $80,000. At the time of…

A: Annual Depreciation Expense = Cost - Residual ValueUseful Life   Monthly Depreciation = Annual…

Q: On January 2, 2015, ABC Company acquired equipment to be used in its manufacturing operations. The…

A: Under the SYD method, the depreciation rate percentage for each year is calculated as the number of…

Q: Cellphone Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: Depreciation per year =Cost of the equipment-salvage valueuseful life=3,000,000-06=500,000.…

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: The following computations are done for Goliath Company.

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost R O. 80,000 and…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: Sage Corporation purchased an asset at a cost of $54,000 on March 1, 2017. The asset has a useful…

A: Tax depreciation for each year 2017–2022 is computed as below:

Q: On July 1, 2004, Gonzalez Corporation purchased factory equipment for P450,000. Salvage value was…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: On the first day of its current fiscal year, Lupao Corporation purchased equipment costing P400,000…

A: Under double depreciation expense, the depreciation is calculated at double rate of straight line…

Q: Mango Co. owns a machine that was bought on January 1, 2017, for P752,000. The machine was…

A: Depreciation Expenses:- These are those expenses that appear in the income statement of the company,…

Q: On January 1, 2017, Easy Company acquired an equipment for P8,000,000. The equipment is depreciated…

A: Thanks for the Question Bartleby's Guidelines “Since you have posted a question with multiple…

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: Straight line is one of easy and common depreciation method used by accountants to calculate the…

Q: On the first day of its current fiscal year, Lupao Corporation purchased equipment costing P400,000…

A: Depreciation rate = P160,000 / P400,000 = 40%

Q: On July 1, 2011, Hale Kennels sells equipment for $66,000. The equipment originally cost $180,000,…

A: The gain or loss on sale of the asset is calculated by deducting the book value from the selling…

Q: Haemul Pajeon Company purchased a machine on January 2, 2018 for $500,000. The machine has an…

A: The depreciation is a decline in the value of tangible assets over their useful life. it is a…

Q: Sage purchased equipment on January 2, 2017, for $78,900. At that time, the equipment had an…

A: Depreciation is reducing the value of the tangible fixed asset. It is provided as the expense of the…

Q: Waterway Industries purchased machinery for $905000 on January 1, 2017. Straight-line depreciation…

A: Machinery Purchased as on January 1, 2017 $ 905000 Salvage Value = $ 52000 Useful Life of Machinery…

Q: On January 1, 2018, Kefauver Company purchased a piece of equipment for $375,000. The equipment had…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: Waterway Industries purchased machinery for $1129000 on January 1, 2017. Straight-line depreciation…

A: Depreciation expense of every year is calculated as follows: Depreciation expense from 2017 to 2020:…

Q: On January 1, 2015, Minco Coportation purchased, for $100,000, equipment having a useful life of the…

A: Depreciation = Total Cost of Equipment - Salvage ValueUseful life

Q: Haemul Pajeon Company purchased a machine on January 2, 2018 for P500,000. The machine has an…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: On January 1, 2014, Tanaka, Inc. purchased equipment for $27,000. Tanaka uses straight-line…

A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

Q: On January1, 2013, FUSS Company acquired a bakery equipment at a cost of $650,000. The equipment is…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On January 1,2013, HUTS Company acquired a bakery equipment at a cost of $650,000. The equipment is…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was…

A: The depreciation expense refers to the reduction in the value of assets due to the use of that asset…

Q: Again & Again Company acquired a machine on October 1, 2013 at a cost of P 2,500,000 and depreciated…

A: Depreciation is defined as reduction in the fixed cost of the asset until the asset value become…

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost R.O.80,o00 and…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: On January 1, 2011, ECLAR Co. acquired a building for ₱4,000,000. The asset is depreciated using the…

A: The impairment loss on any fixed assets is the reduction in the value of asset. If the recoverable…

Q: The BAKAL Company purchased a machine on November 1, 2011, for P148,000.  At the time of…

A: Straight line method of Depreciation The purpose calculating the depreciation is to identified the…

Q: t-line method. On May 1, 2013, the machine was sold for $50,000. What should be the loss recognized…

A: The right answer is option a. $15,000

Q: Marcus purchased a equipment which was an depreciable asset for P38,000 on January 1, 2017. The…

A: Depreciation was used to record value of various machineries after its wear and tear where sum of…

Q: On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On December 31,2015, DAVE Corporation purchased an equipment with an estimated useful life of 10…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.