Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a plant was purchased on april 21st, 2018 for $ 25

A Plant was purchased on April 21st, 2018 for $ 250,000 with a residual value...

90.2K

Verified Solution

Question

Accounting

A Plant was purchased on April 21st, 2018 for $ 250,000 with a residual value of $50,000 and useful life of 15 years. Depreciation is charged on straight-line basis. The company year end date is December 31st. On July 3rd 2020, the Plant was sold for $ 150,000. There was a :

Gain on sale

Loss on sale

Neither gain nor loss

None of the options are correct

Which is correct answer?

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

5.         Suppose you start saving $15,000 per year (starting next year) for the 40 years you are...

Finance
Q

What is the minimum mass of ice at 0.0 C that must be added to...

Chemistry
Q

A tank with a volume of 0.6 m3 contains 12 kg of refrigerant-134a at -220C. Calculate...

Mechanical Engineering
Q

Air Volumes normal is 500ml all the air your lungs can exchange extra air in...

Biology
Q

A B C D E The figure above shows four very thin parallel planes of...

Physics
Q

Z Suppose f x y z z y z t 4t 1 1 y t...

Calculus
Q

Industry Water Electric Power Agriculture Other Water 100 200 200 500 The output matrix is...

Algebra
Q

Which of the following equations could be written such that y is a function of...

Algebra
Q

4. Write (not record) a Macro, QUESTION4, that will highlight records in blue color (ColorIndex...

Accounting
Q

Ametican Food Services, incorporated leased a packaging machine from Barton and Barton Corperetion Eartan and...

Accounting
Q

I need help for those problems. 1.You need to make a chart showing the past...

Accounting
Q

eBook

Accounting