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On January 1, 2015, a company purchased equipment with an annual depreciation expense of $21,000 and no salvage value. On December 31, 2020, the equipment
On January 1, 2015, a company purchased equipment with an annual depreciation expense of $21,000 and no salvage value. On December 31, 2020, the equipment sold at a gain on disposal of $14,000. The Net Book Value of the equipment at the date of disposal was $24,000. Indicate which of the following statements is true: * The equipment was sold for $126,000. The equipment was sold for $38,000. The equipment was sold for $21,000. The equipment was sold for $14,000. None of the above Accumulated Depreciation balance on December 31, 2020 is: * $126,000 $38,000 $21,000 $14,000 None of the above On the date of disposal, the cost of the equipment will be recorded as: * Debit equipment $24,000 Credit equipment $150,000 Debit equipment $150,000 Credit equipment $24,000 None of the above
On January 1, 2015, a company purchased equipment with an annual depreciation expense of $21,000 and no salvage value. On December 31, 2020, the equipment sold at a gain on disposal of $14,000. The Net Book Value of the equipment at the date of disposal was $24,000.
Indicate which of the following statements is true: *
The equipment was sold for $126,000.
The equipment was sold for $38,000.
The equipment was sold for $21,000.
The equipment was sold for $14,000.
None of the above
Accumulated Depreciation balance on December 31, 2020 is: *
$126,000
$38,000
$21,000
$14,000
None of the above
On the date of disposal, the cost of the equipment will be recorded as: *
Debit equipment $24,000
Credit equipment $150,000
Debit equipment $150,000
Credit equipment $24,000
None of the above
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