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Mod 7 P10-9 and P11-3 - 12,000 – 2400 = $9600 deferred...

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P10-9 (a) Hyde Fair Value 60,000 Book Value 56,000 Total Gain 4,000 Asset 75,000 Accumulated Depreciation 40,000 Asset Cost 96,000 Gain on disposal 4,000 Cash 15,000 Wiggins Fair Value 75,000 Book Value 63,000 Total Gain 12,000 Asset 90,000 Accumulated Depreciation 47,000 Asset Cost 110,000 Gain on disposal 12,000 Cash 15,000
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(b) Hyde Fair Value 60,000 Book Value 56,000 Total Gain 4,000 *Must record partial gain because cash was received (15,000/15,000 + 75,000) X 4000 = .16666 X 4000 = $666.67 partial gain 4000 – 667.67 = $3333.33 deferred gain Wiggins Fair Value 75,000 Book Value 63,000 Total Gain 12,000 *Must record partial gain because cash was received (15,000/15,000 + 60,000) X 12,000 = .2 X 12,000 = $2400 partial gain
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Unformatted text preview: 12,000 – 2400 = $9600 deferred gain P11-3 (a) 10/55 = 7800 9/55 = 7020 14,820 8/55 = 6240 21,060 7/55 = 5460 26,520 6/55 = 4680 31,200 5/55 = 3900 3900 x 125/365 = $13335.62 depreciation expense thru May 5 Depreciation Expense 1335.62 Accumulated Depreciation 1335.62 Accumulated Depreciation 32,535.62 Loss on Asset 464.38 Asset 33,000 (b) (48,000 x 2100) / 15000 = 6720 Depreciation expense 6720 Accumulated Depreciation 6720 (c) 8,000 – 15,000 – 5000 = 60,000/10 = 6000 Depreciation expense 6000 Accumulated Depreciation 6000 (d) 28,000 x 20% = 5600 Accumulated Depreciation 22,400 Depreciation expense 22,400...
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