The Company owns a vehicle of $10,000 since 1.1.2008. The Company uses straight line method to depreciate its value for 5 years. On 1.1.2020, the Company sold its vehicle for $8,500. What is the amount on gain/loss in its disposal? Journalise the transactions.

The Company owns a vehicle of $10,000 since 1.1.2008. The Company uses straight line method to depreciate its value for 5 years. On 1.1.2020, the Company sold its vehicle for $8,500. What is the amount on gain/loss in its disposal? Journalise the transactions.

Name: 1. The Company owns a vehicle of $10,000 since 1.1.2008. The Company
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Description: 1. The Company owns a vehicle of $10,000 since 1.1.2008. The Company uses straight linemethod to depreciate its value for 5 years. On 1.1.2020, the Company sold its vehicle for$8,500. What is the amount on gain/loss in its disposal? Journalise the t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
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Juliet Enterprises sold equipment on January 1, 2020 for $5,000. The equipment had cost $24,000. The balance in Accumulated Depreciation at January 1 is $20,000. What entry would Jullet make to record the sale of the equipment? Essay Toolbar navigation B I U S
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TB MC Qu. 08-117 An asset's book value... An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: