On December 31, Strike Company traded-in one of its batting cages for another one that has a cost of $500,000.Strike receives a trade-in allowance of $11,000 . The old equipment had an initial cost of $215,000 and hasaccumulated depreciation of $185,000 . Depreciation has been recorded up to the end of the year. The differencewill be paid in cash. What is the amount of the gain or loss on this
transaction?
a. loss of $11,000
b. no loss or gain will be recorded
c. loss of $19,000
d. gain of $11,000
c
You might also like to view...
Use _________ sentences to ask questions
a. imperative b. interrogative c. declarative d. questionable
At a small retailer, responsibility for the promotion function is most likely with the _____
a. owner-manager b. advertising agency c. advertising department of a daily newspaper d. in-house advertising agency
Under the Personal Property Security Act of a province, a creditor is required to file a financing statement in order to protect its security interest
Indicate whether the statement is true or false
Some courts have held that employee handbooks create binding contract terms
a. True b. False Indicate whether the statement is true or false