Reference no: EM132678135
Cullumber Company owns delivery equipment that cost $49,700 and has accumulated depreciation of $24,800 as of July 30, 2020. On that date, Cullumber disposes of this equipment.
Question 1: What is the net book value of the equipment on July 30, 2020?
Question 2: True or false: Regardless of the value received for the equipment on July 30, 2020, Cullumber must remove its net book value from the accounting records by crediting Delivery equipment for $49,700 and debiting Accumulated Depreciation - Delivery equipment for $24,800. Enter T or F.
Question 3: Assume Cullumber scraps the equipment as having no value on July 30. What is the gain or loss, if any, that Cullumber should recognize? Enter D for debit or C for credit in the first box and the amount in the second box.
Question 4: Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? Enter D for debit or C for credit in the first box and the amount in the second box .
Question 5: Assume Cullumber sells the equipment for $18,000 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? Enter D for debit or C for credit in the first box and the amount in the second box.
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