Question
Cost of assets: $100,000 (Purchased and started to use on 1 January 2018) Estimated Useful life: 8 years Estimated Total Units of activity : 10,000
Cost of assets: $100,000 (Purchased and started to use on 1 January 2018)
Estimated Useful life: 8 years
Estimated Total Units of activity : 10,000 units
Estimated Salvage value: $ 12,000
Units of Production in Year 1 : 2000 units
The company is adopting straight line method for calculation of depreciation. In the year of purchase or disposal, depreciation is calculated on monthly basis.
Sold with sales proceeds on 30 Jun 2020 : $74,000
Gain on DisposaI = $_______________
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
