FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company sells a plant asset that originally cost $371000 for $135000 on December 31, 2025. The accumulated depreciation account had a balance of $161000

A company sells a plant asset that originally cost $371000 for $135000 on December 31, 2025. The accumulated depreciation account had a balance of $161000 after the current year's depreciation of $70500 had been recorded. The company should recognize $4500 loss on disposal.

O $75000 loss on disposal.

O $75000 gain on disposal.

$236000 loss on disposal.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Financial Investigation And Forensic Accounting

Financial Investigation And Forensic Accounting

Authors: George A Manning

3rd Edition

0367864347, 9780367864347

More Books

Students also viewed these Accounting questions

Question

★★★★★
Lovell Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided...

Answered: 1 week ago

Question

★★★★★
red Question 3 Unit Data 2012 2013 2014 Beginning Inventory 0 ? ? Production 900 900 900 Sales Variable cost information 600 800 1000 manufacturing cost per unit $900 $900 $900 produced marketing...

Answered: 1 week ago

Question

★★★★★
To what extent would you expect a graduate programs model of training (e.g., scientistpractitioner, practitioner-scholar, or clinical scientist) to influence the types of personality assessment tools...

Answered: 1 week ago

Question

★★★★★
Calculating EFN the most recent financial statements for Moose Tours, inc., follow. Sales for 2007 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the...

Answered: 1 week ago

Question

★★★★★
JAVA - The program first reads integer purchaseCount from input, representing the number of pairs of inputs to be read. Each pair has a string and an integer, representing the purchase's food and...

Answered: 1 week ago

Question

★★★★★
Transaction analysis and preparation of financial statements Flashy Fashions Ltd is a small company in a coastal town. It rents its premises and its sales are all on credit. It has only three...

Answered: 1 week ago

Question

★★★★★
James Company has a target capital structure of 30% debt, 20% preferred stock, and 50% common equity. The company's before-tax cost of debt is 10%, its cost of preferred stock is 11%, and its cost of...

Answered: 1 week ago

Question

★★★★★
A. Veta inc., has a asset of $400,000 in total where it comprises of equity 70% and debt of 30% (12%) interest. The company was planning to do some investment and it anticipates the increase of...

Answered: 1 week ago

Question

★★★★★
A liquid crystal cell has the front electrode grooved vertically and the rear electrode grooved horizontally. Sheets that transmit only vertically polarized light are placed before and after the...

Answered: 1 week ago

Question

★★★★★
used, and the importance of adhering to these procedures K12 Explain how the components are to be aligned, adjusted and positioned prior to securing, and the tools and equipment that is used K13...

Answered: 1 week ago

Question

★★★★★
You start a consulting business after graduation to do website development for small companies. As your organization grows, you hire more people but communication is informal, employees are committed...

Answered: 1 week ago

Question

★★★★★
Clarence has been investing $1,000 at the end of every year at 11% compounded annually. With today's contribution his investment has grown to $44,500. How many years ago did he make the first...

Answered: 1 week ago

Question

★★★★★
8. Explain how to price managerial and professional jobs.

Answered: 1 week ago

Question

★★★★★
1. What is the difference between exempt and nonexempt jobs?

Answered: 1 week ago

Question

★★★★★
Is our committee appropriately communicating its decisions? How will shareholders react?

Answered: 1 week ago

Previous Question Next Question