Skysong Company purchased a new machine on September 1, 2022, at a cost of $125,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected t be used for 10,000 working hours during its 5-year life. Assume the double - declining balance method is used. What amount of gain or loss would Skysong recognize if they sell the asset for $ 50,000 on 12/31/24? Assume the double-declining balance method is used. What amount of gain or loss would Skysong recognize if they sell the asset for $50,000 on 12/31/24? gain

Dewey Corporation purchased a machine for $340,000 on January 1, 2012. The machine had an                     estimated useful life of 12 years and an estimated residual value of $40,000. The machine was                     depreciated using the straight-line method.                                           On April 1, 2021, the company no longer needed the machine and sold it for $80,000. Dewey takes                     a half-year depreciation for the year an asset is disposed.                                           a. What is the book value of the machine at the end of 2020?                                           b. Calculate and record the depreciation for 2021 in the journal provided.                                           c. Calculate the book value of the machine at the time of sale.                                           d. Record the sale of the machine on April 1 in the journal provided.

Wildhorse Company purchaseda hot tub for $ 11,790 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $ 1,890 salvage value. In 2018, the estimates are revised. Wildhorse now feels the hot tub will be used until December 31, 2020, when it can be sold for $ 885. Compute the 2018 depreciation. Depreciation expense, 2018 %24

On January 2, 2023, Lotus Spa purchased fixtures for $57,600 cash, expecting the fixtures to remain in service for nine years. Lotus Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On April 30, 2025, Lotus Spa sold the fixtures for $39,500 cash. Record both depreciation expense for 2025 and sale of the fixtures on April 30, 2025. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Apr. 30 Accounts and Explanation Debit Credit Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) Fair value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on April 30, 2025. Date Apr. 30 Accounts and Explanation Debit Credit