Question
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31.
-
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31.
- Cost of equipment = 24000
- Useful life in years = 5
- Residual value = 0
- Date purchased = September 1, 2021
- Date of disposal = October 31, 2023
- Cash received on disposal = 12000
-
What is the accumulated depreciation on the date of the disposal?
What is the book value of the equipment on the date of disposal?
What is the amount of the gain or loss on the disposal? If a loss, start your answer with a - sign.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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