After the disposal of an asset, the balance in the Accumulated Depreciation account related to that specific asset is equal to
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After the disposal of an asset, the balance in the
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- which method of depreciation is used when the cost of an asset is written off in equal amounts over it's expected lifeCalculate total accumulated depreciation of each asset until the sold date .Which of the following depreciation methods applies a uniform depreciation rate each period to an asset's book value?
- How are the total depreciation and final book value are calculated?Find the Gross fixed assets and Accumulated depreciationIncome earned from incidental operations before an asset is put to use is: deducted from the cost of the asset added to the cost of the asset immediately recognized in P/L together with related expense ignored
- In which method of depreciation, equal amount of depreciation is charged on the asset over its useful life O a. Written Down Value Method O b. Straight Line Method C. Sinking Fund Method d Annuity MethodGains and losses arising from the retirement or disposal of an item of property, plant and equipment shall be determined as the difference between * Gross disposal proceeds and the cost of the asset Gross disposal proceeds and the carrying amount of the asset Net disposal proceeds and the cost of the asset Net disposal proceeds and the carrying amount of the assetWhen is accumulated depreciation reduced to zero? Explain and provide examples for each element (Asset & Liability)
- Accumulated depreciation is: The depreciation expense recorded on an asset to date. The remaining book value of an asset. The depreciation expense taken on an asset during the current period. An expense on the income statement.Assets classified as property, plant, and equipment are reported at a. each asset’s estimated market value at the balance sheet date. b. each asset’s estimated salvage value at the balance sheet date. c. the estimated depreciable cost at the balance sheet date. d. each asset’s original cost less depreciation since acquisition.The cost of an asset that is subject to depreciation is called a.depreciable cost. b.trade-in value. c.salvage value. d.revenue.