question archive 1) A company sold a machine that originally cost $90,000 for $28,000 cash
1) A company sold a machine that originally cost $90,000 for $28,000 cash
Subject:FinancePrice:4.87 Bought7
1) A company sold a machine that originally cost $90,000 for $28,000 cash. The accumulated depreciation on this machine was $47,000 at the time of the sale. What was the company's gain or loss on this sale?
2) On September 15, SportsWorld borrowed $75,000 cash from FirstBank on a 12%, 60-day note payable.
a. Prepare SportsWorld's general journal entry to record the issuance of the note payable
b. Prepare SportsWorld's general journal entry to record the payment of the note at maturity
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Answer:
1)
Details Amount
Original Cost 90,000.00
Less Accumulated Depreciation 47,000.00
Net Book Value 43,000.00
Sale Value 28,000.00
Loss on sale 15,000.00
2) PFA
