Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tremblay excavating purchased a used dump truck fo

Tremblay Excavating purchased a used dump truck for $125,000 on January 1,2021. The ...

60.1K

Verified Solution

Question

Accounting

Tremblay Excavating purchased a used dump truck for $125,000 on January 1,2021. The
company has depreciated the dump truck using the straight-line method over its estimated
10-year life with a $6,500 residual value. Tremblay sold the dump truck on January 1,2024, for
$99,000. Total accumulated depreciation on the dump truck on the date of sale was $35,550.
What gain or loss should be recorded on the sale?
A. A gain of $26,000
B. A gain of $9,550
C. A loss of $26,000
D. A loss of $9,550
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

Medical Sciences
1.2K views

Choose one of the major sensory systems (smell, taste, vision, hearing, balance, or touch) and explain...

Psychology
1.2K views

Psychologists have identified five main personality traits, often called the \"Big Five\" or the five-trait model....

General Management
1.2K views

During busy periods, a new customer walks into WHS every 15 minutes on average, with a...

Physics
1.2K views

An electron is separated from another point charge by a distance of 5 centimeters. Theelectrostatic...

Accounting
1.2K views

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31...

Accounting
1.2K views

Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on...

Accounting
1.2K views

Required information The Foundational 15(Algo)[L010-1, L010-2] [The following information applies to the...

Accounting
1.2K views

Book value of common stockholders equity of FedEx, May 31,2020(figures in $ millions) ...

Accounting
1.2K views

eBook Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate...

Accounting
1.2K views

ABC gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per...

Accounting
1.2K views

11:59 AM Thu Feb 29 85% apps.linklearntaxescertification.com 2023 Federal Tax Law Test...

Accounting
1.2K views

We are currently advising Jefferson on his 2018 tax return. We would like some advice...