Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 08, 2024

1. On January 1, 2020, a machine was purchased for $12,000. The machine was estimated to have a 10-year useful life and a residual value

1. On January 1, 2020, a machine was purchased for $12,000. The machine was estimated to have a 10-year useful life and a residual value of 8500. Straight-line depreciation is to be used. On January 1, 2022, the machine was then exchanged for computer equipment with a fair value of $10,000. Assuming that the exchange had commercial substance, how much would be recorded as a gain on disposal of the machine on January 1, 2022?

A.$500

B.$0

C.$300

D.$400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Some people claim that the wage gap can be entirely explained by the fact that women are more likely than men to stop working once they have children and that women have less education than men. How...

Answered: 1 week ago

Question

★★★★★

De Trader opens a brokerage account and purchases 300 shares of Internet Dreams at $40 per share. She borrows $4,000 from her broker to help pay for the purchase. The interest rate on the loan is 8%....

Answered: 1 week ago

Question

★★★★★

Wi - Fi networks operate in basically the same way as cellular telephony networks that are designed, installed, and maintained by the wireless telephone carriers. Group of answer choices True False

Answered: 1 week ago

Question

★★★★★

if I worked at a manufacturing company which was machine-intensive and mainly did assemblies, could I separately depreciate those assets based on an activity-based met?

Answered: 1 week ago

Question

★★★★★

1. Belinda needs $2400 fast. She has the option of borrowing the $2400 for 5 days at an APR of 500% or borrowing the $2400 for 5 days with a fee of $180. She realizes that neither scenario is very...

Answered: 1 week ago

Question

★★★★★

Section One - IPV4 Network Identifiers and Addresses For the following, indicate what its network identifier is, in binary. When doing so, use the table provided below to convert each octet to...

Answered: 1 week ago

Question

★★★★★

Question 5 5 pts Roberto invested a total of $10,000, part at 6% and part at 9%. How much did he invest in the LOWER interest account if the total interest earned in one year was $810 ? 1 answer

Answered: 1 week ago

Question

★★★★★

Within the northeastern control systems industry, Middleton knew of no company that had conducted formal market research. Should he conduct further research himself, use the consultant or the student...

Answered: 1 week ago

Question

★★★★★

Check billing and accounts recordsPlease review the following list of billing and account records from Table 4: Gelos Enterprises bank statement for its Small Purchases account. Check these billing...

Answered: 1 week ago

Previous Question Next Question