Ask Question
10 April, 05:26

On December 31, Strike Company sold one of its batting cages for $193,460. The equipment had an original cost of $227,600 and has accumulated depreciation of $34,140. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction

+3
Answers (1)
  1. 10 April, 06:17
    0
    No loss No profit

    Explanation:

    Given:

    Original cost of equipment = $227,600

    Selling amount = $193,460

    Accumulated depreciation = $34,140

    Computation of profit or loss on sales:

    Original cost of equipment after deducting depreciation = Original cost of equipment - Accumulated depreciation

    = $227,600 - $34,140

    = $193,460

    Profit or loss = Selling amount - Original cost of equipment after deducting depreciation

    = $193,460 - $193,460

    = $0
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On December 31, Strike Company sold one of its batting cages for $193,460. The equipment had an original cost of $227,600 and has ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers