Multiple Choice
A plant asset cost $90000 when it was purchased on January 1 2010. It was depreciated by the straight-line method based on a 9-year life with no salvage value. On June 30 2017 the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement?
A) No gain or loss.
B) $20000 loss.
C) $15000 loss.
D) $10000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
Q76: Depletion expense for a period is only
Q77: A gain on sale of a plant
Q78: Salvage value is not subtracted from plant
Q79: If a fully depreciated plant asset is
Q80: When purchasing land the costs for clearing
Q82: Sargent Corporation bought equipment on January 1
Q83: Don's Copy Shop bought equipment for $450000
Q84: On October 1 2017 Holt Company places
Q85: If a plant asset is retired before
Q86: Ordinary repairs should be recognized when incurred