Answer:
The company should recognize d. $120,000 loss on disposal
Explanation:
Companies frequently sell plant assets to dispose them. To recognize gain or loss on disposal:
First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.
Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss
.
In Wonder Company:
The carrying amount of the asset = $720,000 - $360,000 = $360,000
Sales price - carrying amount of the asset = $240,000 - $360,000 = -$120,000 <0
The company should recognize $120,000 loss on disposal
Explanation:
The categorizations are shown below:
Accumulated depreciation = A and BS
Long-term debt = L and BS
Equipment = A and BS
Loss on sale of short-term investments = LS and IS
Net income = R and IS
Merchandise Inventory = A and BS
Other accrued liabilities = L and BS
Dividends paid = OE and BS
Cost of goods sold = E and IS
Additional paid-in capital = OE and BS
Interest income = R and IS
Selling Expense = E and IS
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Answer:
a bonus to Niki for financial maneuvers.
Explanation:
