Question 16 1 pts A copy machine costs $45,000 when new and has accumulated depr

Question

Question 16 1 pts A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose the company discards this machine and receives $1,000. What is the result of the disposal transaction? Loss of $44,000 Gain of $1,000 No gain or loss Loss of $1,000 Question 17 1 pts A cost mine costs $28,000,0OO and is expected to produce 200,000,000 tons of coal during its 10 year life. Residual value is expected to be zero because the land will be in poor shape. If the mine produces 1,000,00OO tons of coal the first year, how much cost should the accountant record under the units-of-production method? $560,0oO $140,00O $1,400,o00 $2,800,000 Question 18 Which method is used to compute depletion? units of production method double-declining-balance method straight-line method depletion method

Explanation / Answer

16 Gain(loss)=(45000-44000)-1000 = $0 No gain or loss 17 Cost to be recorded=28000000/200000000*1000000= $140000 18 Units of production method is used to compute depletion

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