Reference no: EM132755539
Questions -
Q1. Complete the sentence. Impairment of capital assets is:
a. When capital assets have been not amortized appropriately such that their fair value exceeds their carrying value
b. None of the other alternatives are correct
c. When the fair value of the net assets exceeds the equity or the retained earnings
d. When the fair value of the net assets exceeds the carrying value of the assets plus liabilities
e. When the fair value of the net assets exceeds the carrying value of the net assets
Q2. Ronny's Red Hat Company purchased machinery on July 3, Year 1 for $150,000. Ronny, the owner, estimated that the machinery would be sold for $20,000 in 10 years. If Ronny's red Hat Company uses straight line depreciation, what is included in the entry to record the disposition of the asset on August 31, Year 3 if the machinery is sold for $115,000 cash?
a. Cr. Gain on disposition $4,000
b. Dr. Loss on disposition $6,834
c. Dr. loss on disposition $4,000
d. Dr. Loss on disposition $334
e. Dr. Loss on disposition $2,500
Q3. A company buys land and building for $250,000. The market value of the land is $150,000 and the building is $50,000. What cost will be allocated to the land?
a. $187,500
b. $150,000
c. None of the other alternatives are correct
d. $250,000
e. $62,500
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