On January 1,2016,Horton Inc.sells a machine for $23,000.The machine was originally purchased on January 1,2014 for $40,000.The machine was estimated to have a useful life of 5 years and no residual value.Horton uses straight-line depreciation.
a.Prepare the journal entry to record the sale.
b.If the company had used the double-declining balance method,how would this have affected any gain or loss on the sale?
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b.Use of an accelerated depreciati...View Answer
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