Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.

Q: What are the major factors considered in determiningwhat depreciation method to use?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: When an item of property, plant, and equipment is disposed of, how is gain or loss on disposal…

A: When an item of property, plant and equipment is disposed of, then gain or loss is determined by…

Q: EXPLAIN what type of account Accumulated Depreciation is?

A: The total amount of depreciation that has been applied to an asset up to a certain point is known as…

Q: which method of depreciation is used when the cost of an asset is written off in equal amounts over…

A: Depreciation represents the reduction in the value of an asset over an expected life.

Q: Why is the recording of depreciation expense necessary?

A: Introduction:- Depreciation is non cash expenses. Which is charged on fixed asset. Which is charged…

Q: What is the amount of the annual depreciation computed by the straight-line method?

A: Depreciation:   It is the reduction in the value of an asset due to normal wear and tear,…

Q: What is the relationship between depreciation and net income?

A: Depreciation is the part of cost of a asset which is charged to income statement yearly as a expense…

Q: what is the closing checklist in the property amanagement?

A: The supervision, administration, and control of real estate on behalf of property owners is known as…

Q: What are depreciation and its purpose? Does the book value of a fixed asset (cost minus accumulated…

A: Depreciation is an expense which shows the decrease in the asset's value over the life of the asset…

Q: Why does the depreciation included in computing the annual cost of annual worth method but not in…

A: Depreciation is a separate provision for fixed assets. Fixed amount is charged out of profit during…

Q: In the recording of depreciation expense, which account is credited?

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…

Q: Are Inventories depreciable property? Why?

A: Depreciable property means an asset which is eligible to book depreciation for accounting and tax…

Q: Depreciation expense is used to

A: Depreciation is gradual decrease in the value of asset due to normal wear and tear, obsolescence and…

Q: What are the requirements of depreciating an asset?

A: Depreciation is a non-cash expense which is charged against the use of the fixed assets of the…

Q: What basic questions must be answered before the amount of the depreciation charge can be computed?

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: Under current standards, a subsequent expenditure on an item of property, plant and equipment is…

A: Subsequent expenditure on an item of property, plant, and equipment that provides future economic…

Q: How did we get the depreciation expense delivery van

A: Depreciation is normal wear and tear of assetIt can be calculated in many ways out of which one…

Q: What is the role of depreciation allowance?

A: Depreciation seems to be an allowance on physical assets bought and used, not really an expense,…

Q: n general, Based on which criteria companies choose the depreciation methods for their depreciable…

A: Following are the criteria that a company choose to depreciate the assets: 1. Accelerated…

Q: Which should be debited when depreciating a leased asset? a. Lease Liability b. Non-current Asset c.…

A: Answer-  d . Depreciation expense Depreciating a leased asset is similar to a purchased fixed asset…

Q: What type of assets requires adjusting entries to record depreciation?

A: The assets that require adjusting entries to record depreciation is long-term tangible assets. The…