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Question - On July 1, 2021, Hale Kennels sells equipment for $220,000. The equipment originally cost $600,000, had an estimated 5-year life and an expected salvage value of $100,000. The accumulated depreciation account had a balance of $350,000 on January 1, 2021, using the straight-line method. What the gain or loss on disposal?
a. $20,000 gain.
b. $30,000 gain.
c. $20,000 loss.
d. $30,000 loss.
What amount must be omitted from income for the six year statute of limitations apply:
Lupa Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $9,000), Lupa also paid cash of $3,000.
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