Abbott Company Purchased a Computer That Cost $10,000

question 120

Multiple Choice

Abbott Company purchased a computer that cost $10,000.It had an estimated useful life of 5 years and no residual value.The computer was depreciated by the straight-line method and was sold at the end of the fourth year of use for $3,000 cash.Abbott should record:

• A)a gain of $1,000.
• B)a loss of $1,000.
• C)neither a gain nor a loss - the computer was sold at its book value.
• D)neither a gain nor a loss - the gain that occurred in this case would not be recognizeD.$10,000/5 = depreciation of $2,000 per year.After four years,the book value would be $10,000 - ($2,000 x 4 years)= $2,000.The asset was sold for $3,000 or a $1,000 gain over book value.

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Definitions:

Block Grants

Financial resources provided by the federal government to state and local governments, with relatively few restrictions on how they can be spent, often for broad purposes like community development or social services.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to help recover from the Great Depression.

Popular Democrats

Likely refers to members or supporters of the Democratic Party who focus on policies and practices aimed at representing and benefiting the general populace.