Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do i solve this? On December 31,2018 , Leno Inc. sold a used car for 5900,000cash. The original cost of the car was $5.0

how do i solve this?image text in transcribed

On December 31,2018 , Leno Inc. sold a used car for 5900,000cash. The original cost of the car was $5.0 million, and its accumulated depreciation equaled $4.2 million on December 31,2018 ; they had been using the straight-line depreciation method. The eatimated residual value was zero and its useful life was 25 years. What is the gain or loss on the car on December 31,2018 ? A. 5200,0001035 B. 5800,000gain C. $100,0001055 D. $100,000gain E. None of the above

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

Step: 3

blur-text-image

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

Marketing Audit Benefits How A Marketing Audit Improves Your Business's Performance

Authors: Sharita Winder

1st Edition

B0BQXYKYYL, 979-8371064820

More Books

Students also viewed these Accounting questions

Question

What are the Ohio State University leadership styles?

Answered: 1 week ago

Question

5. Have you stressed the topics relevance to your audience?

Answered: 1 week ago