Use the information below to answer the questions that follow. The business's year-end is December 31. Cost of equipment = 120000 Useful life in years = 10 Residual value = 0 Date purchased = February 1, 2021 Date of disposal = October 31, 2023 Cash received on disposal = 85000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal?

Use the information below to answer the questions that follow. The business's year-end is December 31. Cost of equipment = 120000 Useful life in years = 10 Residual value = 0 Date purchased = February 1, 2021 Date of disposal = October 31, 2023 Cash received on disposal = 85000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal?

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?
Using the sum-of-the-years-digits method, how much depreciation expense should Vorst record in 2020 for Asset B? a. 6,000 b. 9,000 c. 11,000 d. 12,000
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31. Cost of equipment = 144000; Useful life in years = 6; Date purchased March 1, 2021; Date of disposal = January 31, 2023; Cash received on disposal = 100000. What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? the gain or loss on the disposal? If a loss, start your answer with a - sign. = What is the amount of
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What is the depreciation of equipment purchased at 10 years ago for $79,040 if it is depreciated using the sum of the year's digits (SOYD) method? The expected life is 15 year. help me pls. Ill upvote