标题: Reading 36: Long-Lived Assets - LOS h ~ Q1-2 [打印本页]
作者: mayanfang1 时间: 2009-1-19 10:17 标题: [2009]Session 9 - Reading 36: Long-Lived Assets - LOS h ~ Q1-2
Q1. Spenser Inc. owns a piece of specialized machinery with a current fair value of $400,000. The original cost of the machinery was $500,000 and to date has generated accumulated depreciation of $140,000. Which of the following must Spenser record on the income statement if it decides to abandon the asset?
A) Gain of $40,000.
B) Loss of $360,000.
C) Loss of $100,000.
Q2. Felker Inc. owns a piece of specialized machinery. The original cost of the machinery was $500,000 and to date there is an accumulated depreciation balance of $140,000. Which of the following will Felker recognize on its income statement if it sells the machinery for $400,000?
A) Loss of $100,000.
B) Gain of $40,000.
C) Loss of $360,000.
作者: mayanfang1 时间: 2009-1-19 10:18
答案和详解如下:
Q1. Spenser Inc. owns a piece of specialized machinery with a current fair value of $400,000. The original cost of the machinery was $500,000 and to date has generated accumulated depreciation of $140,000. Which of the following must Spenser record on the income statement if it decides to abandon the asset?
A) Gain of $40,000.
B) Loss of $360,000.
C) Loss of $100,000.
Correct answer is B)
With an abandonment of an asset, the carrying value of the machinery is removed from the balance sheet and a loss of that amount is recognized in the income statement. The carrying value is $360,000, which equals the original cost ($500,000) less the accumulated depreciation ($140,000).
Q2. Felker Inc. owns a piece of specialized machinery. The original cost of the machinery was $500,000 and to date there is an accumulated depreciation balance of $140,000. Which of the following will Felker recognize on its income statement if it sells the machinery for $400,000?
A) Loss of $100,000.
B) Gain of $40,000.
C) Loss of $360,000.
Correct answer is B)
With a sale of an asset to a third party, the difference between the proceeds and carrying value is reported as a gain or loss on the income statement. The carrying value is $360,000, which equals the original cost ($500,000) less the accumulated depreciation ($140,000). Therefore, the gain is equal to $40,000 ($400,000 proceeds less $360,000 carrying value).
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