Tipton Manufacturing has a machine that cost $125,000 when new and has accumulated depreciation of $114,000, which it sold for $4,000. The amount of gain or loss from this sale is O a gain of $11,000 O a loss of $11,000 O a gain of $7,000 lege of $7.000
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- A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is:A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or lossA copy machine cost $32,000 when new and has accumulated depreciation of $26,000. Suppose Copy Center sold the machine for $6,000. What is the result of this disposal transaction? OA. Loss of $6,000 OB. Loss of $26,000 OC. Gain of $6,000 OD. No gain or loss
- Tipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of $136,000, which it sold for $1,000. The amount of gain or loss from this sale is: O A. a gain of $8,000 B. a loss of $8,000 O C. a gain of $9,000 D. a loss of $9,000Dickinson Inc. owns the following assets. Asset Cost Salvage Estimated Useful Life A $70,000 $7,000 10 years B 50,000 5,000 5 years C 82,000 4,000 12 years Compute the composite depreciation rate and the composite life of Dickinson’s assets.Ladd Company sold a plant asset that originally cost$50,000 for $22,000 cash. If Ladd correctly reports a$5,000 gain on this sale, the accumulated depreciation onthe asset at the date of sale must have been:a. $33,000.b. $28,000.c. $23,000.d. Some other amount.
- Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record a. a $3,000 lossb. the truck at $18,000c. a gain of $11,000d. the truck at $23,000Assume Sambazon.com e sold an acai processing machine for $172,000 cash. If accumulated depreciation on the sale date was $58,311 and a gain of $6,721 was recognized on the sale, what was the original cost of the asset? O $223,590 O $216,869 O $165,279 O $65,032 O $113,689A company purchased plant and equipment 4 years ago for $100 000. Depreciation is provided using thestraight line method over 10 years. The company decided to revalue at the end of the fourth year. Thecarrying amount was $60 000. The net replacement cost of the plant and equipment was considered tobe $75 000 at that date. Calculate the gross replacement costCalculate accumulated depreciation on gross replacement costCalculate the carrying amount [12]
- Towns a machine that was purchased three years ago that cost $180,000 and accumulated depreciation of $43,000 1. What is T's basis on the machine? Under the following scenarios, calculate the 1231 Gain or loss; the amount, if any, of depreciation recapture (indicate whether it is 1245 or 1250 recapture); indicate the portion of the gain or loss that is taxed at ordinary rates and the portion that is LTCG; if there is a loss how much of the loss carries over? (Assume date of sale is today.) 2. Sold the machine for $155,000 3. Sold the machine for $130,000 4. Sold the machine for $200,0002 Blue inc. Purchases and assets for $100,000. The asset has a useful life of ten years and no salvage value. In year 6, Blue inc. sold the assets for $60,000. What is the reported gain or loss for this transaction assuming straight-line depreciation. Gain Loss Gain 20,000The Bendell Company purchased a piece of machinery for $120,000.00. It has an estimated useful life of five years or 12,000 hours and a residual value of $6,000.00. What is the calculated depreciation for years 1 and 2 by the Straight line method? Year 1: 28,500 Year 2: 26,600 Year 1: 28, 800 Year 2: 28,800