User Account

All Pages

Determine the gain or loss on the sale of the equipment

Assignment Help Accounting Basics
Reference no: EM132877856

Problem - Sale of equipment - Equipment was acquired at the beginning of the year at a cost of $215,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated residual value of $39,500.

Required -

a. What was the depreciation for the first year?

b. Assuming the equipment was sold at the end of the eighth year for $128,000, determine the gain or loss on the sale of the equipment.

c. Journalize the entry to record the sale.

Reference no: EM132877856

Questions Cloud

Journalize adjusting entry on December for the amortization : On December 31, it was estimated that goodwill of $750,000 was impaired. Journalize adjusting entry on December for the amortization
Describe role that networking can play in professional life : List at least two professional organizations within your degree field and describe the value you could gain by becoming a member of these organizations
Developing training and development programs : What is the value of considering generational differences when developing training and development programs? (Detailed explanation with complete references afte
Journalize the adjusting entry on December : The mineral deposit is estimated at 250,000,000 tons. During the current year, 30,000,000 tons were mined and sold. Journalize the adjusting entry on December
Determine the gain or loss on the sale of the equipment : Assuming the equipment was sold at the end of the eighth year for $128,000, determine the gain or loss on the sale of the equipment
What elements of bureaucracy can note from experience : What elements of bureaucracy can you note from your experience in school (examples from elementary through college are fine)?
Difference between lymphatic vessels and veins : What is the difference between lymphatic vessels and veins?
Separating the steam from the haze : "We need more steam mix for our Hamburger buns", a veteran employee calls out to the new hire at a McDonald's restaurant. "Get another package of mix, please.
Evaluate role psychological and sociological factors play : Evaluate the role psychological and sociological factors play in explaining substance abuse. Which do you feel is more important and why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd