Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 15, 2024

Stone Corporation reported the following information: 20172016 Buildings (net)$950,000425,000 Cash received from sale of building250,000 Gain on sale of building35,000 Cost of building purchased during

Stone Corporation reported the following information:

20172016

Buildings (net)$950,000425,000

Cash received from sale of building250,000

Gain on sale of building35,000

Cost of building purchased during 2017870,000

What amount of amortization was recorded on the building sold in 2017?

A) $130,000

B) $95,000

C) $125,000

D) $160,000

Answer:A, why is it A? show work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

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

Business Communication

Authors: Kitty O. Locker, Jo Mackiewicz, Jeanine Elise Aune, Donna S. Kienzler Professor

13th Edition

9781265045630

Students also viewed these Accounting questions

Question

4. Given the problems that emerged, what could the parties have done to keep them to a minimum or reduce their impact so that process could be made? Could the Americans have done anything to salvage...

Answered: 1 week ago

Question

★★★★★

Panoramic Inc. had a beginning balance of $2,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,400. During the period, Panoramic recognized $40,000 of revenue...

Answered: 1 week ago

Question

★★★★★

2. A Sendai clothing wholesaler was preparing its sales budget for the first quarter of 20X8. Forecast sales are as follows (All values are in thousands of yen). January 203,000 February 227,000...

Answered: 1 week ago

Question

★★★★★

Pilot plus Pens is deciding when to replace its old machine. The old machine's current salvage value is $2 million. Its current book value is $1 million. If not sold, the old machine will require...

Answered: 1 week ago

Question

★★★★★

Your friend wants to start a new business and has hired you to help with the five-year financial forecast requested by the bank. How would you approach this project? What type of model would you use?...

Answered: 1 week ago

Question

★★★★★

Define digital transformation. How does digital transformation differ between the public and private sectors ? A

Answered: 1 week ago

Question

★★★★★

You plan to implement Teams Rooms systems for 40 meeting spaces with the core features of a Microsoft Teams Meeting Room. How many Microsoft Team Room Pro licenses do you need for this implementation?

Answered: 1 week ago

Question

★★★★★

Indicate how you intend to capture and sustain a healthcare service nicheand justify your preferred competitive service strategy.

Answered: 1 week ago

Question

★★★★★

Outline TWO ( 2 ) Business Decision Models that Build Resilience in the hospitality industry

Answered: 1 week ago

Question

★★★★★

CHMCO sells a product with discounts of 25%, 15% to its distributors. It plans to allow a seasonal discount to make the overall discount equal to 45%. What additional (chained) discount should CHMCO...

Answered: 1 week ago

Previous Question Next Question