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Determine the profit or loss made on disposal

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Q1. On Dec 31, 2019, XYZ Company sells a machine that originally cost $150,000 for $90,000 cash. The machine was placed in service on January 1, 2015. It was depreciated using the straight-line method with an estimated salvage value of $25,000 and a useful life of 10 years. Determine the profit or loss made on disposal of the machine and pass Journal Entry.

b. Depletion and Amortization are the processes of allocating the cost of a of different asset to expense in the accounting periods benefiting from its use. Explain the assets applicable for such processes.

Q2. Distinguish between Current/Short term Liabilities and Non-current/Long term Liabilities. Illustrate your answer with journal entries as examples.

Reference no: EM132594134

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