A machine is purchased on July 1, 2009, for $170,000. It has an expected useful life of 10 years and no salvage value. After eight years, the machine is sold for $36,000 cash. What is the gain or loss on the sale?
Answer to relevant QuestionsDependable Courier purchased four vehicles at a total cost of $55,500. The appraised values of the individual vehicles were as follows:Vehicle 1 ..... $12,390Vehicle 2 ..... 13,570Vehicle 3 ..... 15,930Vehicle 4 ...Suppose an asset cost $28,000 and has an estimated salvage value of $1,000. At the end of four years, the carrying value of the asset is $16,000. What is the useful life of the asset? Assume straight-line depreciation. Connor’s Tasty Vegan Restaurant purchased an oven and a delivery vehicle from a “going out of business” sale for a combined total of $32,000. An independent appraiser provides the following market values: ...International Manufacturing decides to acquire a small local manufacturing company called Township Manufacturing. Township Manufacturing has assets with a market value of $120,000 and no liabilities, but International ...For each of the following, give the financial statement on which it would appear:1. Book value of fixed assets of $56,9002. Proceeds from sale of fixed assets of $20,0003. Loss on sale of fixed assets of $12,5004. ...
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