What was the selling price for the machine

Assignment Help Financial Accounting

Reference no: EM131216226

Chen Corp. purchased a machine exactly six years ago. The machine cost $50,000 and Chen estimated a residual value of $4,000 and a useful life of 10 years. (Six full years have passed.) Today Chen sold the machine and recognized a $100 gain. Chen uses the straight-line method for depreciation.

What was the selling price for the machine?

Reference no: EM131216226

Questions Cloud

What amount should be recorded as amortization expense : Vinson Company purchased a patent for $180,000 at the beginning of Year8, and estimated that its expected useful life was 5 years from the purchase date. The patent has a legal life of 20 years. What amount should be recorded as amortization expense ..

Dividend will the common shareholders receive : Ferber Inc. issued 1,000 shares of $100 par, 5%, non-cumulative preferred stock on January 1, Year1. Ferber did not pay dividends in Year1 or Year2. On December 31, Year3 Ferber declares and pays $22,000 of dividends. How much of the dividend will th..

Issuance of bonds is the effective interest method : Effective Interest Amortization of Premiums and Discounts The appropriate method of amortizing a premium or discount on issuance of bonds is the effective interest method. What is the effective interest method of amortization, and how is it different..

How much should be reported in the treasury stock account : The stockholders equity section of Cinrich, Inc.'s balance sheet on January 1, Year3, appeared as follows: Common stock, $24 par, 20,000 shares issued and outstanding $ 480,000. On March 1, Year3, Cinrich reacquired 4,000 shares of common stock at $4..

What was the selling price for the machine : Chen Corp. purchased a machine exactly six years ago. The machine cost $50,000 and Chen estimated a residual value of $4,000 and a useful life of 10 years. (Six full years have passed.) Today Chen sold the machine and recognized a $100 gain. Chen use..

Amount should land be recorded in the accounting records : ABC Co. purchased land with a newly constructed building on it. The contract price was $490,000. The appraisal indicated that, valued separately, the land was worth $260,000 and the building was worth $240,000. At what amount should the land be recor..

What is butchers warranty expense for year four : Butcher Co. sold 10,000 toys in Year4 for $20 each. The company expects that 5% of the toys will be returned under warranty for a refund of the sales price in the 2-year warranty period. There were $6,000 of warranty obligations paid in cash during Y..

Estimated residual value of the equipment : A company paid $515,000 to purchase equipment. Commercial use of the equipment began on July 1, year1. The estimated residual value of the equipment is $5,000. The equipment is expected to be used a total of 50,000 hours throughout its estimated usef..

How is it ascertained whether a breach of duty has occurred : What needs to be established by a plaintiff in order to succeed in an action against an occupier for injuries received on the premises of the occupier? In the tort of negligence, for a duty of care to arise what must be shown? In the tort of neglige..

User Account

All Pages