Question: On July 1 , 2 0 2 1 , Hale Kennels sells equipment for $ 2 3 3 0 0 0 . The equipment originally

On July 1,2021, Hale Kennels sells equipment for $233000. The equipment originally cost $596000, had an estimated 5-year life and an expected salvage value of $90000. The accumulated depreciation account had a balance of $353000 on January 1,2021, using the straight-line method. The gain or loss on disposal is
$10000 loss.
$40600 loss.
$40600 gain.
$10000 gain.
On July 1 , 2 0 2 1 , Hale Kennels sells

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!

Q:

Glo-Brite has been notified by the insurance company that there will be no premium charge for the month of December on the policy for Virginia Russell . Prepare the entry for the check made payable...

Q:

On July 1,2021 , Hale Kennels sells equipment for $215000. The equipment originally cost $594000, had an estimated 5-year life and an expected salvage value of $91000. The accumulated depreciation...

Q:

Q.46 Q.47 On July 1,2021 , Hale Kennels sells equipment for $221000. The equipment originally cost $597000, had an estimated 5-year life and an expected salvage value of $107000. The accumulated...

Q:

On July 1,2027, Hale Kennels sells equipment for $235000. The equipment originally cost $592000, had an estimated 5 -year life and an expected salvage value of $90000. The Accumulated Depreciation...

Q:

On July 1 , 2 0 2 1 , Hale Kennels sells equipment for $ 2 2 9 0 0 0 . The equipment originally cost $ 5 9 3 0 0 0 , had an estimated 5 - year life and an expected salvage value of $ 9 0 0 0 0 . The...

Q:

O n July 1 , 2 0 2 1 , Hale Kennels sells equipment for $ 2 1 6 0 0 0 . The equipment originally cost $ 6 0 2 0 0 0 , had a n estimated 5 - year life and a n expected salvage value o f $ 1 0 0 0 0 0...

Q:

On July 1, 2019, El Centro Kennels sells Machinery for $350,000. The Machinery originally cost $750,000, had an estimated 7-year life and an expected salvage value of $50,000. The accumulated...

Q:

4. On July 1, 2019, El Centro Kennels sells Machinery for $350,000. The Machinery originally cost $750,000, had an estimated 7-year life and an expected salvage value of $50,000. The accumulated...

Q:

Fit Fixtures Incorporated (FFI) is a manufacturer of exercise equipment such as treadmills, stair climbers, and elliptical machines. The company has a December 31 year end and uses ASPE. The...

Q:

L Fixtures Incorporated (LFI) is a manufacturer of exercise equipment such as treadmills, stair climbers, and elliptical machines. The company has a December 31 year end and uses ASPE. The accounting...

Q:

L Fixtures Incorporated (LFI) is a manufacturer of exercise equipment such as treadmills, stair climbers, and elliptical machines. The company has a December 31 year end and uses ASPE. The accounting...

Q:

Determine the heat transfer, in kJ/kg, for the reversible process 1-3 shown in Fig. P7-44. 600 ,3 200 0.3 1.0 s, kJ/kg-K FIGURE P7-44

Q:

a) Customers of TechOps Investment bank were presented with two options. Option one, use the automated online investment system to purchase stocks. Option two, use the investment banker to purchase...

Q:

5. 1 Defending the war on drugs may not be fashionable, but the fact remains that 2 hardcore drugs should remain illegal. 3 As long as hardcore drugs are illegal, they are harder to get, and 4 the...

Q:

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....