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1.Zwane Company had an Equipment was acquired on January 1, 2017 at $50,000 with no salvage value and useful life of 5 years. On Jan.
1.Zwane Company had an Equipment was acquired on January 1, 2017 at $50,000 with no salvage value and useful life of 5 years. On Jan. 1, 2021 determined to dispose the asset. The company uses a straight- line method for depreciation. The fair value of equipment at January 1, 2021 was $18,000. Required: If it was sold for $15000, Compute the Gain or Loss from disposing --------- 2. Jan. 1, 2021 determined to dispose the asset. The company uses a straight- line method for depreciation. The fair value of equipment at January 1, 2021 was $18,000. Required: It was exchanged by another equipment has a cost of $65,000 and paid $22,000 cash, assuming there is a Lack of Commercial Substance. Compute: a.Gain or loss from disposing b. Cost of new equipment Zwane Company had an Equipment was acquired on January 1, 2017 at $50,000 with no salvage value and useful life of 5 years
1.Zwane Company had an Equipment was acquired on January 1, 2017 at $50,000 with no salvage value and useful life of 5 years. On Jan. 1, 2021 determined to dispose the asset. The company uses a straight- line method for depreciation. The fair value of equipment at January 1, 2021 was $18,000.
Required: If it was sold for $15000, Compute the Gain or Loss from disposing
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2. Jan. 1, 2021 determined to dispose the asset. The company uses a straight- line method for depreciation. The fair value of equipment at January 1, 2021 was $18,000.
Required: It was exchanged by another equipment has a cost of $65,000 and paid $22,000 cash, assuming there is a Lack of Commercial Substance.
Compute: a.Gain or loss from disposing
b. Cost of new equipment
Zwane Company had an Equipment was acquired on January 1, 2017 at $50,000 with no salvage value and useful life of 5 years
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Marketing
Authors: Roger Kerin, Steven Hartley, William Rudelius
16th Edition
1264218753, 978-1264218752
