Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the question quickly. I only need the answer. Machinery was purchased on January 1 for $50,470.00. The machinery has an estimated life of

Please answer the question quickly. I only need the answer.image text in transcribedimage text in transcribed

Machinery was purchased on January 1 for $50,470.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar): Oa. $9,300 Ob. $11,300 O c. $9,800 Od. $10,300 On December 31, Strike Company sold one of its batting cages for $174,462. The equipment had an original cost of $205,250 and has accumulated depreciation of $30,788. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a. gain of $41,051 Ob. no gain or loss O c. loss of $(30,788) Od. can't be determined with data provided

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

Law And Order Review 1993 An Audit Of Crime Policing And Criminal Justice Issues

Authors: John Benyon

1st Edition

1874493901, 978-1874493907

More Books

Students also viewed these Accounting questions