Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question #4 (disposition of assets) on december 31

Question #4 (disposition of assets) On December 31, Year 1, The Company has a machine...

80.2K

Verified Solution

Question

Accounting

Question #4 (disposition of assets) On December 31, Year 1, The Company has a machine with a book value of $1,880,000. The original cost was $2,600,000 and accumulated depreciation waws 720,000 for a book value (carrying value) of $1,880,000. Depreciation is $120,000 per year on a straight-line basis. Each of the following independent situations involves disposing of the this piece of machinery. a. A fire completely destroyed the machine on March 31, Year 2. The insurance settlement will be $860,000 b. On April 1, Year 2, The Company sold the machine for $2,080,000. c. On July 31, Year 2, The Company donated the machine to the University of Idaho. The fair value of the machine at the time of the donation was estimated to be $2,200,000

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

Q

A car rental agency rents 420 cars per day at a rate of ​$40 per day....

Basic Math
Q

A mud logger places a sample of calcium carbide in the drillstring when a connection is...

Mechanical Engineering
Q

Normal (or Gaussian) distributions are widely used in practice because many sets of observations follow a...

Basic Math
Q

Your colleague is studying a newly discovered organism. She is becoming increasingly convincedthat the organism...

Biology
Q

National Trust advertises a 1 year certificate of deposit at 4 00 compounded daily with...

Basic Math
Q

The volume of a rectangular pyramid is 60 cubic feet. The width of the base...

Basic Math
Q

Evaluate the following exponential expression 2 8 2 Simplify your answer

Algebra
Q

Radar Company sells bikes for $500 each. The company currently sells...

Accounting
Q

Use the information provided below to prepare the Statement of Comprehensive Income for the year...

Accounting
Q

Looking forward to next year, if Digbys current cash balance is $20,201 (000) and cash...

Accounting
Q

Starfleet Corporation has one temporary difference at the end of 2012 that will reverse and...

Accounting
Q

Question 9 6 Points Assume that Greggs Corporation had sales during the past year of...

Accounting