The ABC company bought a truck costing $100,000 two and a half years ago. The trucks estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $15,000. what taxable gain must be reported on the sale of the truck?

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Hampton Inc. purchased a machine to use in its business. The machine is estimated to have an economic life of 10 (ten) years before it becomes obsolete. The company expects to use the machine for 4 (four) years before it sells the machine to another company. Hampton uses the straight-line depreciation method. Question: How many years should Hampton depreciate this asset over? (4,7,10, or 14)

Lou Lou and Company purchased a piece of machinery 2 years ago for $50,000 and has depreciation to date of $15,000. The fair market value of the asset is $30,000, but the company believes it can achieve $34,000 in net future cash flows from the asset. Costs to dispose of the asset is $200. Assuming the asset is held for use, determine if the asset is impaired. If so, what is the amount of the write-off?     The asset is impaired and Lou Lou should record a $1,000 loss on impairment.     The asset is impaired and Lou Lou should record a $5,200 loss on impairment.     The asset is NOT impaired.     The asset is impaired and Lou Lou should record a $5,000 loss on impairment.

Stark Industries., a C corporation, owned an office building for several years. The building was originally purchased for $275,000 and has accumulated depreciation of $45,000 using straight-line depreciation under the modified accelerated cost recovery system. If Stark sold the building for $300,000, what amount is recaptured as ordinary gain from this transaction?

The Apex Company purchased a tooling machine for $30,000. The machine was being depreciated on the straight-line method over an estimated useful life of 20 years with no salvage value. When the machine had been in use for 10 years, the company paid $5,000 to overhaul the machine. As a result of this improvement , the company estimated that the useful life of the machine would be an additional five years. What should be the depreciation expense recorded for the above machine in the 11th year? a.$1,000 b.$1,333 c.$1,500 d.$1,833

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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?

The Giovanni Company purchased a tooling machine in 2007 for $120,000. The machine was being depreciated by the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2017, after 10 years of use, Giovanni paid $20,000 to overhaul the machine. Because of this improvement, the machine's estimated useful life would be extended an additional 5 years. What would be the depreciation expense recorded for the above machine in 2017? a.$7,333 b.$4,000 c.$6,000 d.$5,333

What was the gain or loss on the disposal?