Assume that Davidson, DDS, sold the old furniture that was being replaced. The old furniture had originally cost $3,000, and its book value at the time of the sale was $400. Record the sale of the old furniture under each of the following conditions: 1) The furniture sold for $780 cash 2) The furniture sold for $250 cash
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- Florence's Flowers sells an old delivery van for $2,000. The van had an original cost of $20,000 and the balance in Accumulated Depreciation on the date of sale is $17,000. Assume depreciation is appropriately recorded up to the date of sale. The entry to record the sale would include aGarcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts:Dietz owned a delivery van with a Cost of $ 12,000 and Accumulated Depreciation of $10,000. It traded this old van for a new one that cost $16,000. The dealer allowed Dietz a trade-in allowance of $3,500 on the old van, and Dietz paid the remainder in cash. Compute the following: i) Gain on Disposal of Old Van
- Assume that on January 2, 20X6, Sanoma of Michigan purchased fixtures for $8,100 cash, expecting the fixtures to remain in service for five years. Sanoma has depreciated the fixtures on a double-declining-balance basis, with $1,400 estimated residual value. On October 31, 20X7, Sanoma sold the fixtures for $2,600 cash. Requirement 1. Record both the depreciation expense on the fixtures for 20X7 and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Sanoma's disposal of these fixtures. Start by recording depreciation expense on the fixtures for 20X7. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journal Entry Date Oct 31 Accounts Debit CreditHauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000, and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year O and in year 1.Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What would be Bob’s basis in the warehouse and in the land if the appraised value of the warehouse was $102,500, and the appraised value of the land was $219,000?
- Garcia Co. owns equipment that costs $77,300, with accumulated depreciation of $42,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $34,500 cash C. $27,000 cash If an amount box does not require an entry, leave it blankHauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000, and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leav no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.) Required: a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in year 1, compute th amount and character of Hauswirth's gain or loss in year O and in year 1. Complete this question by…Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker’s commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.
- Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $72.500. and it has claimed $24,800 of depreciation expense against the building. Required: a. Assuming that Houswirth receives $59,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $59,700 compute Houswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Houswirth receives $26.500 in cash in year 0 and a $57,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a Required b Required c Assuming that Hauswirth receives $59,700 in cash for the warehouse, compute the amount…Garcla Co. owns equipment that cost $82,400, with accumulated depreclation of $43,600. Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1) $51,200 cash, (2) $38,800 cash, and (3) $33,700 cash. Vlew transaction lot Journal entry worksheet Record the sale of equipment assuming Garcia sells the equipment for $51,200 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry Vlew general JournalGaston owns equipment that cost $27,500 with accumulated depreciation of $22,000. Gaston sells the equipment for $5,000. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $22,000. Credit Equipment $27,500. Debit Loss on Disposal of Equipment $500. Credit Gain on Disposal of Equipment $500. Debit Cash $5,000.