Multiple Choice
A truck costing $48,000 and on which $40,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a
A) gain of $8,000.
B) loss of $8,000.
C) credit to Accumulated Depreciation for $40,000.
D) credit to Accumulated Depreciation for $48,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q10: IFRS allows companies to revalue plant assets
Q157: Management should select the depreciation method that<br>A)
Q168: The term applied to the periodic expiration
Q185: The Modified Accelerated Cost Recovery System (MACRS)
Q257: A truck costing $45,000 and on which
Q258: Conley Company purchased equipment for $60,000 on
Q260: Stan's Lumber Mill sold two pieces of
Q266: Arnold Company purchases a new delivery truck
Q267: Physician Reference Service (PRS) provides services to
Q276: All plant assets (fixed assets) must be