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Problem - Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale
Zimmer Company owns an executive plane that originally cost $1,280,000. It has recorded straight-line depreciation on the plane for seven full years, calculated assuming a $160,000 expected salvage value at the end of its estimated 10-year useful life. Zimmer disposes of the plane at the end of the seventh year.
a. At the disposal date, what is the (1) cumulative depreciation expense and (2) net book value of the plane?
b. How much gain or loss is reported at disposal if the sales price?
Prepare the journal entries that should be recorded as of December 31, 2017, to recognize each of the situations above
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At the end of 2014, Ace determined total factory overhead to have been $410,000, What was the budgeted cost of job lot #112
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Short Company purchased land by paying $28,000 cash on the purchase date and agreed to pay $28,000 for each of the next eight years beginning one-year
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