Question : Question
The faded bullet point reads: On : 5668
The faded bullet point reads: On December 20, Year 5, a machine with a cost of $17,000, a carrying amount of $2,975 on the date of disposition, and a fair vakue of $4,000 was given to a corporate officer in partial liquidation of a debt.
Enter the appropriate monetary amounts in the cells below.
Depreciation and amortization methods and usefu lives Buildings 150% declining balance; 25 years Machinery and equipment Straight-line; 10 years Automobiles and trucks 150% declining balance; 5 years, all acquired after 1999 Leasehold improvements Straight-line Depreciation is computed to the nearest month. Salvage values of depreciable assets are immaterial except for automobiles and trucks, which have estimated salvage values equal to 15% of cost. Additional information On September 30, Year 5, a truck with a cost of $48,000 and a carrying amount of $30,000 on December 31 sold for $23,500. n bo: 20, Year 5, a machine disposition, and a fair value of $4,000 was given to a corporate officer in partial liquidation cia Enter the appropriate mono ary amounts in Yankee Co. GAIN ON DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT For the Year Ended December 31, Year 5 Item Selling Price Carrying Amount Gain 1. Sale of truck 2. Machine exchanged for debt 3. Totals