A printer cost $600 & has been owned for 2 years is traded in for a new one. Depreciation in the amount of $120 each year has been recorded for both years. The new one has a fair market value of $1,250. A trade-in allowence of $400 is granted, with the balance paid in cash. The journal entry to record this exchange would be journalized with a. a gain of $40 b. a loss of $40 c. a loss of $200 d. no gain of loss 2. A mine was acquired at a cost of $1,000,000. No salvage value was expected & the estimated number of units available for production was 1,000,000 tons. During the 1st year, 180,000 tons of coal were mined & sold. The depletion expense for the 1st year was ___. a. $126,000 b. $144,000 c. $180,000 d. $200,000 If you need the solution for this or any other school / college / university assignment then just email me at [email protected]. I will respond ASAP. Thank You
A printer cost $600 & has been owned for 2 years is traded
in for a new one. Depreciation in the amount of $120 each year has
been recorded for both years. The new one has a fair market value
of $1,250. A trade-in allowence of $400 is granted, with the
balance paid in cash. The journal entry to record this exchange
would be journalized witha. a gain of $40b. a loss of $40c. a loss
of $200d. no gain of loss2. A mine was acquired at a cost of
$1,000,000. No salvage value was expected & the estimated
number of units available for production was 1,000,000 tons. During
the 1st year, 180,000 tons of coal were mined & sold. The
depletion expense for the 1st year was ___.a. $126,000b. $144,000c.
$180,000d. $200,000
If you need the solution for this or any other school / college
/ university assignment then just email me at [email protected]. I
will respond ASAP. Thank You
