Business
29.10.2020 19:18
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Carly s Classic Limo Service sold one of its automobiles for $19,000. The car was
Carly's Classic Limo Service sold one of its automobiles for $19,000. The car was an antique car that Carly used to promote the business. The car had an original cost of $13,000 with $11,000 in accumulated depreciation. The recognized gain on the sale was $
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blakeley7785
4,7(6 marks)
$17,000
Explanation:
The reason is that the recognized gain is the difference between the Carrying Value and the Sale Value of the asset.
Here
Carrying value of asset = $13,000 Cost - $11,000 Accumulated Depreciation
Carrying value of asset = $2,000
Sale Value is $19,000
Recognized Gain = $19,000 Sale Value - Carrying Value $2,000
Recognized Gain = $17,000
shanice13
4,6(88 marks)
what does guarantee universal life insurance do
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