Chapter 10 - Acquisition and Disposition of PPE - LO 4&5- Comput
Quiz
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Business
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University
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Practice Problem
•
Hard
Imran Manzoor
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On September 10, 2022, Jenks Co. incurred the following costs for one of its printing presses:
Purchase of attachment £55,000
Installation of attachment 5,000
Replacement parts for renovation of press 18,000
Labor and overhead in connection with renovation of press 7,000
Neither the attachment nor the renovation increased the estimated useful life of the press. However, the renovation resulted in significantly increased productivity. What amount of the costs should be capitalized?
£0.
£67,000.
£78,000.
£85,000.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On January 2, 2022, York Corp. replaced its boiler with a more efficient one. The following information was available on that date:
Purchase price of new boiler €150,000
Carrying amount of old boiler 10,000
Fair value of old boiler 4,000
Installation cost of new boiler 20,000
The old boiler was sold for €4,000. What amount should York capitalize as the cost of the new boiler?
€170,000.
€166,000.
€160,000.
€150,000.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Peterson Company purchased machinery for £160,000 on January 1, 2018. Straight-line depreciation has been recorded based on a £10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2022 at a gain of £3,000. How much cash did Peterson receive from the sale of the machinery?
£23,000
£27,000
£33,000
£43,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sutherland Company purchased machinery for €320,000 on January 1, 2018. Straight-line depreciation has been recorded based on a €20,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2022 at a gain of €6,000. How much cash did Sutherland receive from the sale of the machinery?
€46,000.
€54,000.
€66,000.
€86,000.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ecker Company purchased a new machine on May 1, 2013 for €176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of €8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2022, the machine was sold for €24,000. What should be the loss recognized from the sale of the machine?
€0.
€3,600.
€8,000.
€11,600.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On January 1, 2014, Mill Corporation purchased for €152,000, equipment having a useful life of ten years and an estimated salvage value of €8,000. Mill has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2022, the equipment was sold for €28,000. As a result of this sale, Mill should recognize a gain of
€0.
€5,600.
€13,600.
€28,000.
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