Answer:
a. sale price exceeds the book value of the asset sold.
Explanation:
The gain recognized when the sale price is exceeded than the book value i.e
Gain recognized = Sale price - book value
where
Sale price is the selling price of the asset
And, the book value is the carrying value of the asset
Book value = Acquired value of an asset - accumulated depreciation
Hence, the option a is correct
I Think The answer is b I hope it will help you just Trying To help others
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Answer:
See explanation section
Explanation:
As there is a difference between the physical count of the inventory and actual Inventory count, it indicates that the merchandise inventory is either sold or wasted. However, for continuing the operation smoothly, it is assumed as sold. Therefore, the journal entry to record the sale is -
December - 31 Cost of goods sold Debit 45,000
($415,000 - $370,000)
Merchandise Inventory Credit 45,000
(To record the sale of merchandise: adjusted)
