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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

If you cut parts off of the lead compound and it keeps losing potency, what can...

Biology
Q

A 16.5-μμF capacitor is charged to a potential of 60.0 V and then discharged through a...

Physics
Q

a) Briefly describe TWO (2) types of stepper motor that are commonly used. b) A linear induction...

Electrical Engineering
Q

Find a value of ? in the interval [0,90] that satisfies the given statement.sin ?...

Basic Math
Q

You are testing the null hypothesis that there is no relationship between two variables X...

Statistics
Q

Find the following integral Note that you can check your answer by differentiation S 7...

Calculus
Q

Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year...

Accounting
Q

Multiple Choice Question 39 A partnership pays taxes on partnership income. is not an accounting...

Accounting
Q

Father Watkins received $50,000 in ministerial earnings: $35,000 salary for ministerial services, $5,000 for performing...

Accounting
Q

Marigold Cleaners issued 700,000 of 11%,20-year bonds on January 1,2022, at 118,402 to yield 9%....

Accounting
Q

Santana Rey receives the March bank statement for Business Solutions on April 11, 2021. The...

Accounting
Q

Universal Electronics, Inc. (UEI), which started operations one year ago, has two divisions: Consumer and...

Accounting