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FAAAAAAAASSSSSSTTTT PLEASE Selected accounts included in the property, plant, and equipment section of Carlton Corporation's balance sheet at December 31, year 7, had the following
FAAAAAAAASSSSSSTTTT PLEASE Selected accounts included in the property, plant, and equipment section of Carlton Corporation's balance sheet at December 31, year 7, had the following balances: Land $ 400,000 Land improvements 130,000 Buildings 2,000,000 Machinery and equipment 800,000 During year 8, the following transactions occurred: 1. A machine costing $16,000 on January 1, year 1, was scrapped on June 30, year 8. Straight-line depreciation had been recorded on the basis of a 10-year life with no salvage value. 2. A machine was sold for $48,000 on July 1, year 8. Original cost of the machine was $74,000 on January 1, year 5, and it was depreciated on the straight-line basis over an estimated useful life of eight years and a salvage value of $2,000. Answer the following questions: Scrapping the machine on June 30 of year 8 resulted in a Gain Loss The gain or loss resulting from scrapping the machine on June 30 year 8 is Answer 2 DO NOT USE ANY SIGN --> THAT IS NO $ NOR COMMAS (,). JUST ENTER A NUMBER Sale of the machine on July 1 of year 8 resulted in a Gain Loss The gain or loss resulting from the sale of the machine on July 1 year 8 is Answer 4 DO NOT USE ANY SIGN --> THAT IS NO $ NOR COMMAS (,). JUST ENTER A NUMBER.
FAAAAAAAASSSSSSTTTT PLEASE
Selected accounts included in the property, plant, and equipment section of Carlton Corporation's balance sheet at December 31, year 7, had the following balances:
Land $ 400,000
Land improvements 130,000
Buildings 2,000,000
Machinery and equipment 800,000
During year 8, the following transactions occurred:
1. A machine costing $16,000 on January 1, year 1, was scrapped on June 30, year 8. Straight-line depreciation had been recorded on the basis of a 10-year life with no salvage value.
2. A machine was sold for $48,000 on July 1, year 8. Original cost of the machine was $74,000 on January 1, year 5, and it was depreciated on the straight-line basis over an estimated useful life of eight years and a salvage value of $2,000.
Answer the following questions:
Scrapping the machine on June 30 of year 8 resulted in a
Gain
Loss
The gain or loss resulting from scrapping the machine on June 30 year 8 is Answer 2
DO NOT USE ANY SIGN --> THAT IS NO $ NOR COMMAS (,). JUST ENTER A NUMBER
Sale of the machine on July 1 of year 8 resulted in a
Gain
Loss
The gain or loss resulting from the sale of the machine on July 1 year 8 is Answer 4
DO NOT USE ANY SIGN --> THAT IS NO $ NOR COMMAS (,). JUST ENTER A NUMBER.
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