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Garcia Co. owns equipment that cost $80,000, with accumulated depreciation of $42,400. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $49,400 cash, (2) $37,600 cash, and (3) $32,500 cash View transaction list Journal entry worksheet A B C Record the sale of equipment …
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This business sale agreement (the "Agreement") is entered into between [Seller.FirstName] [Seller.LastName] (Seller) and [Buyer.FirstName] [Buyer.FirstName] (Buyer) furthermore known as "The Parties" on this day of (Agreement.CreatedDate). The Buyer hereby agrees to purchase from the Seller the business assets, including all ( …
Answer is " …. A company sold equipment for $100,000; the equipment had cost $300,000 and had accumulated depreciation of P180,000. The company's journal entry to record the sale of the equipment would include a O Credit to Sale of Equipment for P100,000. O Credit to Equipment for P120,000. O Debit to Equipment for P300,000 …
Question: Atlanta Company sold equipment for cash. The income statement shows a gain on the sale of $1,120. The net book value of the asset was $3,710. Which of the following statements describes the cash effect of the transaction? A. negative cash flow of $2,590 for operating activities B. positive cash flow of $2,590 from investing activities ...
Step 1. 1) Journal entry to record the sale of equipment for $2,400. Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $24,000 and had $20,000 of accumulated depreciation and received cash in the amount of $2,400. General Journal Credit Description Debit ...
a. A gain of $3,000 b. A loss of $3,000 c. A loss of. Equipment was purchased at a cost of $43,000. The equipment had an estimated useful life of 5 years and a residual value of $3,000. Assuming the equipment was sold at the end of Year 4 for $3,000, determine the gain or loss on the sale of equipment. (Assume the straight-line depreciation ...
Let's first take a look at the different ways that construction companies can recover the costs of business assets. Then we'll look at the tax implications of a sale. Cost Recovery 101 . Business equipment and vehicles are generally considered capital assets, the costs of which are recovered through depreciation deductions over their useful ...
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A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. It is the final step to transfer ownership after negotiations for the transaction have been completed. It may be necessary for the new owner to demonstrate ownership of the business and register the ...
An equipment sale leaseback is a straight forward financing transaction in which a company that currently owns essential use business equipment and machinery decides to sell its assets to an investor and in return enters into a lease agreement to make rental payments for a specific period of time. The current owner of the equipment becomes the ...
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This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743 (b) of the Internal Revenue Code. Section 743 (b) applies if a partnership has an election in effect under ...
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Question: Oriole Company reported a loss of $1430 for the sale of equipment for cash. The equipment had a cost of $35200 and accumulated depreciation of $32450. How much will Oriole report in the cash flows from investing activities section of its statement of cash flows? $1320$33770$1430$4180
Business; Accounting; Accounting questions and answers; Garcia Co. owns equipment that cost $78,800, with accumulated depreciation of $41,800. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,500 cash, (2) $37,000 cash, and (3) …
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The most common quoted spot price comes from the London P.M. or afternoon fix gold spot price, actually set during the morning hours in the United States, around 9:00 am Eastern Standard Time. The London PM …
High Plains Prospectors offers an extensive list of gold prospecting equipment. We serve as one of the largest dealers of prospecting equipment and supply in the country. We …
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