Equipment with an Estimated Residual Value at Acquisition of $15,000

question 72

Multiple Choice

Equipment with an estimated residual value at acquisition of $15,000 was sold on December 31, for $20,000 cash. The following data were available at the time of sale: When this transaction is recorded, it should include a

• A)debit of $80,000 to the Loss on Disposal account.
• B)credit of $20,000 to the Equipment account.
• C)credit of $5,000 to the Gain on Disposal account.
• D)debit of $20,000 to the Accumulated Depreciation account.

---

Definitions:

Reconcentration Policy

A strategy used by the Spanish military in Cuba during the late 19th century to combat the Cuban independence movement by forcibly relocating rural populations into concentration camps.

Naval Expansion

The process by which a country increases the size and capability of its navy, often to enhance its military strength, protect its maritime interests, and assert its power on a global scale.

Local Support

Assistance or backing provided by the community or nearby entities in a specific geographical area.

Prominent Americans

Individuals from the United States who have gained significant recognition or achieved substantial accomplishments in various fields.