Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in year 0, longworth partnership purchased a machi

In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business....

80.2K

Verified Solution

Question

Accounting

In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3, Longworth sold the machine for $44,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,900.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $69,000?
\table[[ Answer is complete but not entirely correct.,],[Description,Amount,],[Total Gain or (Loss) Recognized,$,36,650],[Character of Recognized Gain or (Loss),,],[Ordinary Gain or (Loss),$,0
image

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

1. why does ruthenium have slow ligand exchange rate? 2. what effect does this have on...

Biology
1.2K views

Compare and contrast the muscular anatomy of annelida vs nematodes. How do each of thse groups...

Biology
1.2K views

Karalyn vanamerongen Ancient Roman Architecture Read the text about these amazing architectural inventions from ancient...

Biology
1.2K views

Replacement of Ser with Thr QUESTION 10 Which one of the following statements A D...

Accounting
1.2K views

If Q equals the level of output, P is the selling price per unit, V...

Accounting
1.2K views

Facts: On 1/1/x1, Andale's Spanish subsidiary, SpainCo, leases a vacant restaurant (with...

Accounting
1.2K views

Please explain : Why does the cash realizable value not decrease when an uncollectible account...

Accounting
1.2K views

Column headers are to be year numbers beginning at Project commitment to SUT. Spreadsheet cash...

Accounting
1.2K views

Jorge and Anita, married taxpayers, earn $140,500 in taxable income and $46,000 in interest from...

Accounting
1.2K views

Miller Company's contribution format income statement for the most recent month is shown below: Sales...

Accounting
1.2K views

Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions)...

Finance
1.2K views

Question 18 5 pts Calculate the capital structure weight of the common stock given the...