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Ipatiy [6.2K]
3 years ago
13

On December 31, 2020, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 a

nd accumulated depreciation was $310,566. On December 31, 2020, the fair value of the machine was determined to be $111,000. On December 31, 2021, the fair value of the machine was determined to be $167,000. Which of the following would be included in a related adjusting entry on December 31, 2021?
A) credit Gain on Machine Held for Disposal for $167,000
B) credit Gain on Machine Held for Disposal for $56,000
C) credit Gain on Machine Held for Disposal for $39,434
D) No adjusting entry is required.
Business
1 answer:
Ann [662]3 years ago
5 0

Answer:

C) credit Gain on Machine Held for Disposal for $39,434

Explanation:

Based on the information given if the original cost of the machine was the amount of $461,000 , Accumulated Depreciation was $310,566 while the fair value of the machine on Dec 31 ,2020 was the amount of $111,000 which means that the appropriate journal entry that will be included in a related adjusting entry on December 31, 2021 will be:

CREDIT GAIN on machine held for disposal for $39,434

($461,000-$310,566-$111,000)

(Original cost -Accumulated depreciation-Fair value)

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Answer:

She will have $16,772.59 more in the second investment.

Explanation:

Giving the following information:

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We need to use the following formula:

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FV= 54,000*(1+0.04)^10= $79,933.19

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3 years ago
Boxes of​ Honey-Nut Oatmeal are produced to contain 14.0 ​ounces, with a standard deviation of 0.15 ounce. For a sample size of
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Answer:

UCL 14.08oz

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´x=σ/√n

0.15/36 =0.15/6=0.025

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4 years ago
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $169,000 Credit sale
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Answer:

$5,750

Explanation:

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Answer: Benchmarking

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