On July 1, 2022, Proton, Inc. sells equipment for P44,000. The equipment originally cost P120,000, had an estimated 5-year life and an expected salvage value of P20,000. The accumulated depreciation account had a balance of P70,000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is P6,000 loss. P4,000 loss. O P4,000 gain. O P6,000 gain.

On July 1, 2022, Proton, Inc. sells equipment for P44,000. The equipment originally cost P120,000, had an estimated 5-year life and an expected salvage value of P20,000. The accumulated depreciation account had a balance of P70,000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is P6,000 loss. P4,000 loss. O P4,000 gain. O P6,000 gain.

Name: On July 1, 2022, Proton, Inc. sells equipment for P44,000. Theequipme
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: On July 1, 2022, Proton, Inc. sells equipment for P44,000. Theequipment originally cost P120,000, had an estimated 5-year lifeand an expected salvage value of P20,000. The accumulateddepreciation account had a balance of P70,000 on January 1,2022, u

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was purchased for $88,000, and the accumulated depreciation was $ 68,000. If the machine was sold for $17,000, what was the amount of the gain or loss recorded at the time of the sale? nestion Select one: a. The answer does not exist b. $3,000 C. $68,000 d. $16,000. Tim e. $17,000 Previous page Next page OSHIBA FI F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 PRTSC SYSRQ F12 HOM PAUS -因 * 2 5 HOME 8 PGUP 9. Y ! P 4 F G y H i K END 1 PGDN V N i INS DEL ALT ALT * 19 E
On August 1, 2015, Toy Inc. purchased a new piece of equipment that cost $25000. The estimated useful life is five years and the estimated residual value is $2,500. During the five years of useful life the equipment is expected to produce 10,000 units. If Toy Inc. uses the straight line method of depreciation and sells the equipment for $11,500 on August 1st, 2018. What will be the realized gain (loss)? Multiple Choice $0 $4,500 $13,500 None of the other alternatives are correct ($9,000) X
On January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was estimated to have a salvage value of $10000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. What should be the charge for depreciation of this equipment for the year ended December 31, 2021? $45125 $9750 $43875 $10028
On December 31, 2020, RJ Co. had delivery equipment in the total cost of P1,000,000.00 and accumulated depreciation of P500,000.00. This is being depreciated using the straight line method and with an estimated useful life of 10 years. On December 31, 2021, a six year old delivery equipment with an original cost of P200,000.00 was traded in for a brand new delivery equipment in the amount of P400,000.00. This new equipment is also depreciated using the straight line method and has a useful life of 10 years. How much is the depreciation expense on 2022?
3)On November 1, 2021, Ning Corp places a new asset into service. The cost of the asset is $65,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ning Corp uses the straight-line method of depreciation? a)$9,000 b)$16,000 c)$2,667 d)$4,000
Sandhill Motor Corporation bought equipment on January 1, 2025. The equipment cost $340000 and had an expected salvage value of $65000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is O $275000. O $68750. O $65000 O $340000.
Carla Vista Products purchased a machine for $66400 on July 1, 2025. The company intends to depreciate it over 8 years using the double-declining balance method. The salvage value is $6700. Depreciation for 2026 to the closest dollar is $8300. O $33200. O $14525. $13200.
KE On January 2, 2023, Konan Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 90.000 hours. The estimated residual value is $30.000. What is the balance in Accumulated Depreciation on December 31, 2024, it Konan Corporation uses the double-declining-balance method of depreciation? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar) A $192.000 OB $308,000 OC. $512,000 OD. $770,000 COND
Haystack company purchased a machine on January 1, 2015 for $48,000. The company estimates that the machine will have a $4,000 salvage value at the end of its 10 year useful life. On September 30, 2019 the machine was sold for a gain of $3,500. What must have been the selling price of the machine?
An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,00 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (-loss) from the sale of the old cooler?
Arabs Company purchased a machine for P650,000 on January 1, 2016. The estimated salvage value of the machine was P46,500 and Arabs estimated that the machine would have a useful life of 10 years, with depreciation being computed using straight line method. How much is the carrying value of the machine on December 31, 2019? P408,600 P455,100 P241,400 P390,000
Caribbean Metals purchased machinery for $160,000 on January 1, 2018, with a residual value of $10,000 and a 5-year estimated useful life. The machinery was sold on May 1, 2022 at a gain of $3,000. Straight line depreciation applies. How much cash did Caribbean Metals receive from the sale of the machinery?