On July 1 2022 Dillman Kennels Sells Equipment for $110000

question 99

Multiple Choice

On July 1 2022 Dillman Kennels sells equipment for $110000.The equipment originally cost $300000 had an estimated 5-year life and an expected salvage value of $50000.Accumulated Depreciation had a balance of $175000 on January 1 2022 using the straight-line method.The gain or loss on disposal is

• A)$15000 gain.
• B)$10000 loss.
• C)$15000 loss.
• D)$10000 gain.

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Definitions:

Potlatch

On the northwestern coast of North America, a ceremonial event in which a village chief publicly gives away stockpiled food and other goods that signify wealth.

Conspicuous Consumption

The spending of money on luxury goods and services to publicly display economic power—the social status of the consumer.

Ecological Adaptive

The process by which organisms adjust to changes in their environment to maintain or improve their survival prospects.

Domesticated

Refers to animals or plants that have been modified from their natural states to be of use to humans through selective breeding.