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Briar Co. disposed of a $6,000 piece of equipment on December 31 with $4,500 in accrued depreciation as of that date. Then $1,500 will be debited from the Loss on Equipment Disposal account.
<h3>What is loss on Equipment Disposal account?</h3>
Gain/Loss on Asset Disposal is a common account name of the Equipment Disposal account.
The net difference between the initial asset cost and any cumulative depreciation (if any) is debited to the disposal account, while the balances in the fixed asset account and the accumulated depreciation are reversed.
On December 31, the debited amount is calculated as:
Therefore, $1,500 will be the amount of loss on disposal of the Equipment.
Learn more about the depreciation, refer to:
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Answer:
2.5%
Explanation:
The Gross Domestic Products (GDP) is the measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
<u>Given the following data;</u>
Number of years to double = 28
To find the growth rate, we would use the rule of 70.
Rule of 70 can be defined as a metric used to determine the time it will take to double an investment based on its growth rate. Also, it can be used to determine the economic growth by measuring the Gross Domestic Products (GDP).
<em>Mathematically, it is given by the formula;</em>
Where;
ARR is the annual rate of return in percent.
Substituting the values into the formula, we have;
ARR = 2.5%
<em>Therefore, the growth rate of the economy's GDP is 2.5%.</em>