Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. le company has the following information: equipmen

Le Company has the following information: Equipment was purchased for $78,000 on July 1, 2024....

50.1K

Verified Solution

Question

Accounting

Le Company has the following information:

Equipment was purchased for $78,000 on July 1, 2024. The equipment's estimated useful life was 6 years, and its residual value was $6,000. The straight-line method of depreciation was used and the company uses the calendar year.

On 1/1/2026, Le sold the equipment at a gain of $2,000.

The proceed received from the sales of the equipment is?

The Accumulated Depreciation of the equipment as of 1/1/2026?

The Net Book value of the equipment as of 1/1/2026?

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

Basic Math
1.2K views

A 45 Find x D 45 UT C B K 26 x Give your answer...

Physics
1.2K views

Examples, please Paired design with repeated measures Paired design with matched pairs

Statistics
1.2K views

Use calculator or Excel to solve the following problems. DO NOT USE MINITAB (except e). Do...

General Management
1.2K views

Most new products are accepted by the market, despite failing to match or maximize customer requirements.. True False New...

Physics
1.2K views

A body A of mass M while falling 01 under gravity breaks into two parts...

Physics
1.2K views

A force F k acts at origin then torque of the 10 force w r...

Basic Math
1.2K views

Two search teams spot a stranded climber between them on a mountain. The first team...

Basic Math
1.2K views

Suppose a vine maple grows in height linearly. Four weeks after it is planted it...

Calculus
1.2K views

ools net mod quiz attempt php attempt 2937073 cmid 408580 Question 2 Clear my choice...

Algebra
1.2K views

Sarah has whole milk which contains 3 25 butterfat by volume and one type of...

Algebra
1.2K views

Enter the correct answer in the box Write the sum of 7 28x6 4 7x6...

Accounting
1.2K views

1. Suppose a property you are seeking to purchase is valued at USD 200,000. You...