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ira [324]
3 years ago
9

Q.2Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a fiveyear life by the double-declining-

balance method until the end of the second year, at which time the asset was sold for $8,500. Calculate the gain or loss on the sale at the end of the second year.
Business
1 answer:
melisa1 [442]3 years ago
8 0

Answer:

A loss of $1400

Explanation:

The double-declining method uses twice the straight-line depreciation method rate in calculating the depreciation amount.

The asset has a useful life of 5 years. The straight-line depreciation rate = 1/5 x 100

=20%.

The double-declining rate will be 40%

The depreciation schedule for two years will be as follows.

Open. Bal Dep. rate Dep. Amount  Book value

$27,500  40%  $11,000   $16,500.00

$16,500  40%  $6,600             $9,900.00

The equipment was sold for $8,500

net gain or loss will be the selling price - book value

=$8,500 - $9,900

=- $1,400

A loss of $1400

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Answer:

c. drafting a contract illegally.

Explanation:

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Hence, it is required by law that whatever the licensee does after the acquisition of a license must be legal and not a violation of standard rules, and policies of the state or society. Licensee are to abide by the terms and conditions of the license.

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GrogVix [38]

Answer:

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The unrealized Gain/Loss reported in OCI of the 2023 Comprehensive Income statement is:

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Explanation:

a) Data and Calculations:

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December 31, 2021        $100,000     $ 91,000        $9,000 (Loss)

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   Available-for-sale Investment

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6 0
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kolezko [41]

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Therefore for computing the total expenses with regards to this payroll we simply applied the above formula and we ignore all other values as they are not relevant.

5 0
3 years ago
On March 17, Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms of 3/10, net 20. What amount did Jack
Brrunno [24]

Answer:

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8 0
2 years ago
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Answer:

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3 0
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