Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lynch company owns and operates a delivery van tha

Lynch company owns and operates a delivery van that originally cost $47,900 lyn has recorded...

50.1K

Verified Solution

Question

Accounting

Lynch company owns and operates a delivery van that originally cost $47,900 lyn has recorded straight line depreciation on the van for four years calculated assuming at $5000 expected salvage value at the end of its estimated six year useful life appreciation was last recorded at the end of the fourth year which lunch disposes of the van.
a. Compute the net book value of the van on the disposal date.
b. Compute the gain or loss on sale of the van if the disposal proceeds are:
Use a negative sign with your answer if the sale results in a loss.
A cash amount equal to the van's net book value.
$21,800 cash. $
$17,800 cash. $
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

Physics
1.2K views

How many spectral lines will be observed in emission spectrum of hydrogen atom of Hy...

Finance
1.2K views

Here are data on ?$1000 par value bonds issued by? Microsoft, GE? Capital, and Morgan Stanley....

Biology
1.2K views

(1) Haemochromatosis is a mild autosomal recessive condition. Approximately 1 in 200 Australians have the condition,...

Basic Math
1.2K views

Question 7 options: The owner of the Britten's Egg Farm wants to estimate the mean number of...

Accounting
1.2K views

XYZ Company makes two products, W and P, in a joint process. At the split-off point,...

Physics
1.2K views

Q13 A string consists of two parts attached at x 0 The right part of...

Statistics
1.2K views

A modified roulette wheel has 44 slots One slot is 0 another is 00 and...

Accounting
1.2K views

18 Required information Part 3 of 4 Use the following information for the...

Accounting
1.2K views

How are packaging costs for finished products treated typically? 1 they are not recorded as...

Accounting
1.2K views

Required information [The following information applles to the questions displayed below.] Warnerwoods Company uses a...

Accounting
1.2K views

3.A manufactured product has the following information for August. (1) Prepare the standard...

Accounting
1.2K views

Winberg Company's pension expense for the current year is $350,000 and the company funds $285,000....