A fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain

Q: A fixed asset with a cost of $25,556 and accumulated depreciation of $23,000 is traded for a similar…

A: Solution: Cost at which new equipment will be recorded = Fair market value of the new equipment =…

Q: Cash 4 000     All assets are measured using the cost model.    At 30 June 2022, the…

A: The answer has been mentioned below.

Q: A fixed asset with a cost of $50,207 and accumulated depreciation of $42,676 is traded for a similar…

A: The Numerical has covered the concept of recognized loss The Book Value of the asset is computed by…

Q: A fixed asset with a cost of $29,006 and accumulated depreciation of $26,105 is traded for a similar…

A: Given that: Cost of fixed asset = $29006 Accumulated Depreciation = $26105 Fair market price of new…

Q: Assume that a company acquired a building on January 31, 20x1 at a cost of P1,000,000. The building…

A: Depreciation means fall in value of assets because of use of assets , passage of time or change in…

Q: A fixed asset with a cost of $31,737 and accumulated depreciation of $28,563.30 is sold for…

A: Carrying value of the asset is the value after deduction of accumulated depreciation from the…

Q: An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual…

A: When the assets are vended at a higher price than its book value, the difference amount is…

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A: Every fixed asset loses out it's value over the period of time. Depreciation is being charged on…

Q: A fixed asset with a cost of $27,355 and accumulated depreciation of $24,619.50 is sold for…

A: Given that, Cost of the fixed asset = $27335 Accumulated  depreciation = $24619.50 Sale value of…

Q: 2. The Nickle Company purchased an asset for P17,000 on January 2, 2021. The asset has an expected…

A: Depreciation is the reduction is the book value of asset due to change in technology, use of asset…

Q: A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for…

A: Solution:- Calculation of gain or loss on disposal of fixed asset as follows under:-

Q: A non-current asset has a carrying amount of GHS 20,000. It could be sold for GHS 18,500 with…

A: Given: Non current assets sold for = GHS 18,500Selling cost =GHS 500Value in use=GHS 22000

Q: A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750.…

A: Please see the next step for the solution

Q: An asset was purchased six years ago at a cost of P7,000. It was estimated to have a useful life of…

A: Given that: Original cost = P7000 Salvage Value = 300

Q: True or False _____ PAS 16 defines depreciation as "the decrease in the value of an asset." ______…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss

A: Correct answer is a . Explain   Calculate the book value of the asset:   Book value of the asset…

Q: What is the gain or loss on the sale of an asset that originally cost $12,000, has accumulated…

A: Book value  = Original cost - Accumulated depreciation = $12,000 - $5,000 = $7,000

Q: A fixed asset with a cost of $54,589.00 and accumulated depreciation of $46,400.65 is traded for a…

A: The correct option is $2,248.35.

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A:

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A:

Q: Determining Fixed Asset's Book Value The balance in the equipment account is $3,150,000, and the…

A: Book value of equipment = Cost of equipment - Accumulated depreciation

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A: Earning per share:  It is the most important ratio as it measures the profitability of a firm from…

Q: 6. Entity A acquires an investment property for P1,000,000 cash. Additional costs incurred are as…

A:

Q: A fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for…

A: The gain on disposal of asset is calculated as salvage value minus book value of asset

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A: Option 1 is incorrect. At the end of the asset's useful life, the cost won't be expensed…

Q: Determine the amount of any depreciation recapture (DR), capital gain (CG), or capital loss…

A: The answer is stated below:

Q: onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage…

A: Depreciation is the decrease in the value of asset due to usage and time.

Q: A fixed asset with a cost of 30,000 in accumulated depreciation of 28,500 is sold for 3500 what is…

A: Formula: Net Asset book value = Asset cost - Accumulated depreciation. Deduction of Accumulated…

Q: A SE company has on its books for its proved property: P/P- tangible assets…

A: The gain is the result of disposing of assets at a higher price than their current value; if assets…

Q: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck…

A: Gain or loss on Disposal of Assets When Asset is disposed off at the amount more than its book value…

Q: Use the following information for the next three questions: Entity A determines an indication that…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for…

A: A fixed asset is a long-term physical piece of real estate or equipment owned by a firm and used to…

Q: A non-current asset (cost $10,000, depreciation $7,500) is given in part exchange for a new asset…

A: Given the following information: Cost of non-current asset: $10,000 Depreciation: $7,500 New asset…

Q: 3. An item of equipment with a cost of P43,000 and accumulated depreciation of P12,000, is sold for…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420.…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: Determining Fixed Asset's Book Value The balance in the equipment account is $3,100,000, and the…

A: Solution a: book value of the equipment = Cost of Equipment - accumulated depreciation equipment…

Q: Asset C3PO has a depreciable base of $17.60 million and a service life of 10 years. What would the…

A: Depreciation expense is the amount of expense which is to be reported to show a reduction in an…

Q: A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for…

A: Fixed asset cost = $ 30,192 Accumulated depreciation = $ 27172.80 Sale amount = $ 5132.64

Q: On the basis of the data provided at question 6, what is the overall gain during the sale of the…

A: Profit is a sole objective for which any organisation works.Gain is somewhat same or referred to as…

Q: A fixed asset with a cost of $28,000 and accumulated depreciation of $25,200 is sold for $4,760.…

A: Net Book value of the fixed assets = Cost - accumulated depreciation  = $28,000 - $25,200 = $2,800

Q: of the $12,000 asset using straight-line depreciation, with a Determine the book values. (Round to…

A: Calculation of Depreciation as decline balance method Year Opening Balance ($) Rate Depreciation…