Question: A machine was just sold! When the machine was sold it sold for $16,000, had an accumulated depreciation of $50,000, and a salvage value of

A machine was just sold! When the machine was sold it

A machine was just sold! When the machine was sold it sold for $16,000, had an accumulated depreciation of $50,000, and a salvage value of $6000. If when the machine was sold there was a gain of $4,000 that was recognized, the original cost of the asset is: Multiple Choice $62,000 $70,000 $66,000 $54,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A firm sold for $\$ 10,000$ a machine that originally cost $\$ 30,000$ and had accumulated depreciation of $\$ 24,000$ (book value $=\$ 6,000$ ). Why does accounting include a gain on sale of machine...

A firm sold for $10,000 a machine that originally cost $30,000 and had accumulated depreciation of $24,000 (book value = $6,000). Why does accounting include a gain on the sale of the machine of...

A firm sold for $10,000 a machine that originally cost $30,000 and had accumulated depreciation of $24,000 (book value = $6,000). Why does accounting include a gain on sale of machine of $4,000 in...

please explain The XYZ Company bought a machine on 1/1/2016 at a cost of $100,000. The estimated life was 5 years and straight-line depreciation, with a salvage value equal to $0, was used. It is now...

NEED ONLY THE MULTIPLE STEP BUDGET INCOME STATMENT. ( G) AND THE BUDGET BALANCE SHEET THANKS. NEED THIS TO BE SOLVED Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020...

I need with these problems/exercises listed below (chapters attached). You must use the chapters to fill out the guidance report which is attached. Using the data for March/April Column. Chapter...

Adjustments needed for Journal Entries, Adjusted Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cash Flow, Closing Entries, Post Closing Trial Balance...

Save Homework: Week Six: Homework Mastery Problem Chapter 5 (ma Score: 0.28 of 8 pts 1 of 1 (1 complete) HW Score: 3.45%, 0.28 of 8 pts PM5-41A (similar to) Question Help The Gridley Tire Company...

First Question . Amy Ltd was registered as a company on 1 July 2019. On 8 July 2019, Amy Ltd issued a prospectus offering 200 000 ordinary shares at an issue price of $5.00 each, payable $3.00 on...

3. What positive perception do employers typically have of older employees? (1 Point) O enthusiastic towards new technology O open to change O strong work ethic O flexible and adaptable

Find the Fourier transform of f(x) (without using Table III in Sec. 11.10). Show thedetails. f(x) [x if-1

ABC Industries is a small start - up company in the food business. ABC goes public and sells one million new shares to investors. Thereafter, ABC common stocks starts to trade publicly in the...

Compare the use of Agile with Traditional Project Management with regards to management support the project team project procurement

MyManagementLab onlycomprehensive writing assignment for this chapter.

Appendix A, PHR and SPHR Knowledge Base, at the end of this book (pages 580588) lists the knowledge someone studying for the HRCI certification exam needs to have in each area of human resource...

From what youve seen in this video, what exactly would you do to turn Hautelooks appraisal process into more of a performance management process?