An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,000 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (or loss) from the sale of the cooler?

An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,000 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (or loss) from the sale of the cooler?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
You purchased a new molding machine for $155,000 by trading in a similarmachine that had a book value of$18,000.Assuming that the trade-in allowance was $20,000 and that $85,000 cash was paid for the new asset, what is the cost basis of the new molding machine for depreciation purposes?
An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,00 was purchased on February 10, 2021. Freight charge of P3,000 and installation cost of P6,000 were paid. How much is the gain (-loss) from the sale of the old cooler?
An old cooler with a recorded cost of P150,000 and accumulated depreciation of P140,000 was sold for P4,000. A new cooler with marked price of P200,000 was purchased on February 10, 2022. Freight charge of P3,000 and installation cost of P6,000 were paid. The new cooler shall be recorded at a cost of:
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