On January 1, 2013, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a useful life of eight years and an estimated residual value of $8,000. On December 31, 2015, Jacob Inc. sold the truck for $30,000. What amount of gain or loss should Jacob Inc. record on December 31, 2015?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On January 1, 2013, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a ...” 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
You Might be Interested in
On July 31, O'Malley Company contracted to have two products built by Taylor Manufacturing for a total of $185,000. The contract specifies that payment will only occur after both products have been transferred to O'Malley Company.
Answers (1)
ofia files a suit against turista airlines, inc. turista responds that it appears from the pleadings that the parties do not dispute the facts and the only question is how the law applies to those facts.
Answers (1)
Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations (COSO) ? A. Its applicability is largely limited to internal auditing applications. B.
Answers (1)
You are the manager of a firm that sells a "commodity" in a market that resembles perfect competition, and your cost function is C (Q) = 2Q + 3Q2.
Answers (2)
Jordan signed a finance agreement for her recent purchase. what is the total amount she will pay back under this agreement?
Answers (1)
New Questions in Business
Adonis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true? A.
Answers (1)
Which type of group leadership has a communication pattern that flows from the top down?
Answers (1)
Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds of tomatoes.
Answers (1)
On March 14, Zest Co. accepted a 120-day, 6% note in the amount of $5,000 from AZC Co., a customer. On the due date of the note, AZC dishonors the note and fails to pay.
Answers (1)
A building with a book value of $54,000 is sold for $63,000 cash. Using the indirect method, this transaction should be shown on the statement of cash flows as an increase of a.
Answers (1)