Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bob owned equipment (fmv $50,000) that he used in

Bob owned equipment (FMV $50,000) that he used in his business. The equipment was subject...

60.1K

Verified Solution

Question

Accounting

Bob owned equipment (FMV $50,000) that he used in his business. The equipment was subject to a $20,000 loan. Bob purchased the equipment in 2015 for $100,000. While he owned the equipment, Bob took depreciation deductions of $52,000. Bob sold the equipment in 2017 for $30,000, and the buyer assumed Bobs loan of $20,000 on the equipment. Bobs selling expenses were $500.

What is the amount of Bobs recognized gain or 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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

If 15.0 mL of a 1.5M HCl solution at 21.50C is mixed with 25.0mL of a...

Chemistry
1.2K views

What is the purpose of sulfuric acid, hydroxylamine hydrochloride and sodium acetate in 1, 10-phenanthroline determination of...

Biology
1.2K views

Which of the following are potential tRNA anticodons that would carry a serine amino acid...

Physics
1.2K views

A laptop and a hair trimmer of rating 40 W 220V and 10W 220V respectively...

Physics
1.2K views

In an experiment of simple pendulum the errors in the measurement of length of the...

Accounting
1.2K views

(URGENT) Hi! Please answer all questions correctly. I will give a good rating. Thank...

Accounting
1.2K views

Two accountants for the firm of Elwes and Wright are arguing about the...

Accounting
1.2K views

Financial Accounting: Information for Decisions Financial Accounting: Information for Decisions Financial Accounting: Information for Decisions...

Accounting
1.2K views

wingate Lompany, a wnoiesaie aisthoutor or eiectronic equipment, nas deen expenencing iosses tor some time,...

Accounting
1.2K views

Assigning Cost of Resources to Activities, Unbundling the General Ledger Golding Bank provided the following...

Accounting
1.2K views

EVERYTYING IS PROBLEM PLEASE ORGANIZE ...

Accounting
1.2K views

Need assistance with parts 2A - 2D. PA10-1 (Algo) Calculating Return on Investment, Residual...