149. Wells Company’s delivery truck, which originally cost $70,000, was destroyed by fire. At
the time of the fire, the balance of the Accumulated Depreciation account amounted to
$47,500. The company received $40,000 reimbursement from its insurance company. The
gain or loss as a result of the fire was
a. $30,000 loss.
b. $17,500 loss.
c. $30,000 gain.
d. $17,500 gain.
150. A truck that cost $21,000 and on which $10,000 of accumulated depreciation has been
recorded was disposed of for $9,000 cash. The entry to record this event would include a
a. gain of $2,000.
b. loss of $2,000.
c. credit to the Truck account for $11,000.
d. credit to Accumulated Depreciation for $10,000.
151. A truck that cost $36,000 and on which $30,000 of accumulated depreciation has been
recorded was disposed of for $9,000 cash. The entry to record this event would include a
a. gain of $3,000.
b. loss of $3,000.
c. credit to the Truck account for $6,000.
d. credit to Accumulated Depreciation for $30,000.
52. Ace Corporation sold equipment for $12,000. The equipment had an original cost of
$36,000 and accumulated depreciation of $18,000. As a result of the sale,
a. net income will increase $12,000.
b. net income will increase $6,000.
c. net income will decrease $6,000.
d. net income will decrease $12,000.
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