If Equipment That Cost $100 000 and Has Accumulated Depreciation

question 39

Multiple Choice

If equipment that cost $100 000 and has accumulated depreciation of $70 000,is sold for $20 000,the journal entry to record the sale would include:

• A) CR Loss on sale $10 000
• B) DR Gain on sale $10 000
• C) DR Accumulated depreciation $70 000
• D) CR Equipment $20 000.

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Definitions:

Natural Resource Development

The process of cultivating, extracting, and managing natural resources such as minerals, oil, and timber for economic gain.

Environmental Protection

Measures and policies aimed at the preservation of natural resources and prevention of pollution to safeguard the environment for future generations.

Nuisance

An act, condition, thing, or person causing inconvenience or annoyance to others, legally actionable if it interferes with the use and enjoyment of one's property.

Estate in Land

A legal term referring to the degree, nature, and extent of an individual's rights in real property, which can vary in duration and restrictions.