Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a machine costing 600,000, with an expected useful

A machine costing 600,000, with an expected useful life of 10 years, and an estimated...

70.2K

Verified Solution

Question

Accounting

A machine costing 600,000, with an expected useful life of 10 years, and an estimated residual value of 50,000, was purchased by Desdemona Ltd in January 2014. Depreciation is calculated on the diminishing balance method at the rate of 30%, with a full years depreciation charged in both the year of purchase and the year of disposal. The asset was sold in year 5 for 50,000.

The approximate resulting loss arising on the disposal is:

42,000 loss

250,000 loss

51,000 loss

275,000 loss

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The differential for the Internal energy, U, at constant composition is ?U = −P?V + T?S (a) What...

Chemistry
Q

List 4 issues that need to be considered when selecting a factor of safety in an engineering...

Mechanical Engineering
Q

Your unknown sample is 'A', the following image is likely a result of

Biology
Q

If a population has MORE biotic potential than environmental resistance, it willA. increaseB. decreaseC. remain...

Biology
Q

Clade Clade Chromalveolata Clade Archaeplastida Clade Excavata Clade Rhizaria

Biology
Q

Fortune Incorporated is preparing its master budget for the first quarter. The company...

Accounting
Q

50 Based on a predicted level of production and sales of 20,000 units,...

Accounting
Q

On May 10, a company issued for cash 1,300 shares of no-par common stock (with...

Accounting
Q

1. Those responsible for safeguarding an asset should also be required to maintain the accounting...

Accounting
Q

Bonds with a stated interest rate of 9% and a face value totaling $628,000 were...

Accounting
Q

E10-2 Recording a Note Payable through Its Time to Maturity [LO 10-2] Many businesses borrow...

Accounting
Q

Explain the policies that can be carried out by the central and local governments in...

Accounting