Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. light company purchased equipment for $210,000 on

Light company purchased equipment for $210,000 on 7/1/21. The equipment was estimated to have a...

60.1K

Verified Solution

Question

Accounting

Light company purchased equipment for $210,000 on 7/1/21. The equipment was estimated to have a salvage value of $10,000, a life of five years and was depreciated using double declining balance method. On 1/1/23(after 1.5 years) light decided that the equipment no longer served its purpose and sold it for $75,000. How much of a gain or loss on the sale of equipment will ought recognize?

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 assets​ (in billions of​ dollars) of the four wealthiest people in a particular country are...

Statistics
Q

Coke can be converted into CO�a fuel gas�in the reaction CO2 (g) + C (s) ?...

Chemistry
Q

What is Homeostasis? And how is the physiological system of equilibrium work in the homeostasis?   

Medical Sciences
Q

how these Die-tools are traditionally manufactured. 6 types of Traditional manufacturing methods relevant to die manufacture e.g...

Mechanical Engineering
Q

Based on the assigned chapters this week, identify three (3) key changes that have advanced HR...

General Management
Q

Find the point on the line y = 4x + 2 that is closest to...

Calculus
Q

Question 1 1 points The USDA defines Sustainable farming as agriculture...

Accounting
Q

Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are...

Accounting
Q

Exercise 3-15 (Algo) Calculate the balance of retained earnings (LO3-5) Below are the restated amounts...

Accounting
Q

Show (in words) the Equation for Total Net Sales Revenue Show (in words) 'Equation for...

Accounting
Q

The Miracle Company had 20,000 units in process on December 31, 2020 which were 70%...

Accounting
Q

Bain Capital is considering a potential candidate, PubCo, for a highly leveraged buyout. Bain will...

Finance