?Quiz Chapter 16 ?QIntermediate Accountino ×1GChegg.com https/k-state.instructur

Question

?Quiz Chapter 16 ?QIntermediate Accountino ×1GChegg.com https/k-state.instructure.com/courses/51070/quizzes/136014/take >? 1 pts D/ Question 14 ABC Company sold an asset for $50,000 Cash. The asset had been purchased sik years earlier at a cost of $100,000, It had been depreciated over 10 years with no salvage value. Thus, Accumulated Depreciation was $60.000. Which of the following is the correct journal entry to record the sale? O Dr Equipment $40.000; Dr. Loss on Disposal $10,000; Cr. Cash $50.000 Dr. Cash $50000: Dr. Accumulated Depreciation $60,000: Credit Equipment $100,000: Credit Gain on Disposal of $10.000 o Dr. Equipment $100.000: Cr. Cash $50.000: Cr. Accumulated Depreciation $40,000; Credit Gain on Disposal $10,000 O Dr. Cash $50,000, Cr. Equipment $40,000: Cr. Gain on Disposal $10,000 Question 15 1 pts A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose the company discards this machine and receives nothing. What is the result of the disposal transaction? O Loss of $44,000 O Loss of $1,000 O No gain or loss Gain of $1.000 D | Question 16 1 pts

Explanation / Answer

1.

2.

Journal entry Cash 50000 Accmulated depreciation 60000               Equipment 100000               Gain on disposal 10000

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.