Equipment That Cost $420000 and on Which $200000 of Accumulated

question 216

Multiple Choice

Equipment that cost $420000 and on which $200000 of accumulated depreciation has been recorded was disposed of for $180000 cash. The entry to record this event would include a

• A) gain of $40000.
• B) loss of $40000.
• C) credit to the Equipment account for $220000.
• D) credit to Accumulated Depreciation for $200000.

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Definitions:

Phenomenological

Pertaining to phenomenology, a branch of philosophy focusing on the structures of experience and consciousness from a first-person perspective.

Irrational Beliefs

Irrational Beliefs are false, unrealistic, or harmful thoughts that can lead to emotional distress or unhealthy behaviors.

Cognitive-Behavioural Therapy

A psychotherapeutic approach that addresses dysfunctional emotions, behaviors, and cognitions through a goal-oriented, systematic procedure.