Gaston owns equipment that cost $90,500 with accumulated depreciation of $61,000. Gaston asks $30,000 for the equipment but sells the equipment for $26,000. Which of the following would not be part of the journal entry to record the disposal of the equipment?

Marks Consulting purchased equipment costing $45,000 on January 1, Year 1. The equipment is estimated to have a salvage value of $5,000 and an estimated useful life of 8 years. Straight-line depreciation is used. If the equipment is sold on July 1, Year 5 for $20,000, the journal entry to record the sale will include a:

Gain or loss on the disposal of assets is determined by comparing the disposed asset’s book value to the market value of any assets received.

Gaston owns equipment that cost $90,500 with accumulated depreciation of $61,000. Gaston asks $30,000 for the equipment but sells the equipment for $26,000. Which of the following would not be part of the journal entry to record the disposal of the equipment?

When the contract rate on a bond issue is less than the market rate, the bonds sell at a discount.

The state unemployment tax rates applied to an employer are adjusted according to an employer’s merit rating.

A premium reduces the interest expense of a bond over its life.

The cost of fees for insuring the title and any accrued property taxes are included in the cost of land.

The specific meaning of goodwill in accounting is:

A company received cash proceeds of $206,948 on a bond issue with a par value of $200,000. The difference between par value and issue price for this bond is recorded as a: